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alignment of interest

How aligned are Blackstone and its LPs with Saudi Arabia’s PIF?

The risks of sharing a blind pool where the sovereign wealth fund plays such an outsized role are being thrown into sharp relief.

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.

Texas Municipal fights to claw back terms from GPs

In a heady fundraising environment, GPs are pushing fund terms in their favor, and it’s up to LPs to walk them back, Texas Municipal Retirement System’s director of private equity Christopher Schelling.

Notes on a hurdle

For all the debate it provokes, the conventional hurdle rate has remained stubbornly untouched since the ’80s.

Three approaches to calculate waterfall in private equity systems

Consultant Gert-Tom Draisma lays out the options in the extract from The Definitive Guide to Carried Interest.

Pressing the reset button: tax considerations of resetting management equity

Chartered tax advisor Peter Abbott of Macfarlanes explains the UK tax implications of the move.

GPs abusing ‘hedge clauses’ to dodge fiduciary duty: ILPA

An LP lobby group says a change in Delaware law and an SEC no-action letter unleashed a 'perfect storm' to the detriment of private fund investors.

How a GP sets its commitment to the fund

Private equity fund investors expect managers to put money into a fund. Stephen Sims and Greg Norman of Skadden, Arps, Slate, Meagher & Flom discuss the potential bones of contention.

Idinvest: LPs negotiating ‘harder and harder’ on the LPA

Guillaume Cavalin has joined Paris-based Idinvest Partners as legal director from Jones Day, the third legal hire the firm had made in 18 months. pfm caught up with Cavalin to get his take on how private equity fund structuring – and LP demands – are changing.

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