December / January 2014 Issue

Private equity’s notorious recruitment season is gearing up again. Will 2015 hold more of the same, or will there be a new approach to sourcing young talent?

The top eight marketing mistakes GPs commit while out on the fundraising trail

Q&A: Auditing the unauditable Katherine 2015-01-01 Bucaccio In September, the US Government Accountability Office (GAO) released a special report calling for major changes in the way the Internal Revenue Service (IRS) audits large partnerships, including private equity and hedge funds.

Industry professionals tell us some lesser known strategies that have proven meaningful in forming new relationships during networking events

Performance-driven GPs should address gender inequality within their partnerships now

Private equity’s notorious recruitment season is gearing up again. Will 2015 hold more of the same, or will there be a new approach to sourcing young talent?

The Riverside Company’s Graham Hearns explains when a GP should consider responding to a public relations disaster.

Understanding the way courts interpret contracts is not only essential to winning disputes but helps avoid mistakes when drafting documents and negotiating clauses, writes King & Wood Mallesons partner Hilton Mervis.

Investors are feeling a little more relaxed about a healthy level of turnover, but are also beginning to ask tougher questions about why a partner left.

Throughout 2014, pfm tracked the evolution of the private funds investment firm at every turn. This Yearbook looks back over an eventful year.

Compensation data analyzed by pfm provides a sense of how much various private equity professionals were paid in 2014.

News and views too good not to share...

News and views too good not to share...

It’s impossible to have a debate about public pension plans disclosing their fee payments without first acknowledging why GPs want them kept private in the first place.

The battle for sensible fair value auditing isn’t over yet. But to win it, CFOs need to convince the PCAOB that deriving fair value requires a little more intuition, and a little less math

The allure of a pan-European marketing passport, often mooted as the AIFMD’s sole incentive for GPs, is lost on Spanish fund managers.

A recent court ruling may prompt private fund managers to be more careful about their pre-merger M&A negotiations.

As the private debt asset class matures, the growing trend for large investors to create dedicated pockets for direct lending out of their credit portfolios is driving down the fees managers can charge in the space.

Fund managers keen to reach a wider audience of LPs should pay close attention to the possibility of the SEC finally upgrading its ‘accredited investor’ definition.

As operating partners become a bigger presence during deal selection and portfolio management, questions are forming around what role they should play during the valuation process.

Media attention surrounding confidentiality in the private equity industry has called into question whether or not fee information should be publicly available. The answer is not as clear as it may seem

New measures from the CFA Institute seek to expand the adoption of GIPS in private equity, but the industry isn’t biting just yet.

We challenge King & Wood Mallesons lawyers Ed Hall (pic) and Duncan Woollard to explain how to set terms for a first time debt fund.

Despite efforts from industry associations, and some obvious cost-saving, private fund managers aren’t expressing much interest in using boilerplate legal documents.

Amid a buzzing M&A market, what types of negotiations are taking place around MAC clauses and other key deal terms? Legal advisors to both buyers and sellers share their current tactics.

Rich countries want more tax revenue and offshore centers have it. And now that FATCA has provided a blueprint, private funds should start preparing for global tax information sharing.

Our roundtable comprised of industry CFOs and auditors discuss how to make the year-end audit run smoother.

News and views too good not to share...

News and views too good not to share...

Recent action by the Financial Stability Board to lower requirements for repurchase operations between banks and non-banks shouldn’t have a big impact on most lenders in the private credit space; but it is another step by regulators towards more oversight of non-bank lenders.

Operating partners are striving to prove their worth – but senior management need to do a better job of integrating them into the firm.