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In the private equity world, partnership agreements have received praise from many corners for reducing the agency costs arising between the interests of fund managers and investors. This article sets out to assess contract design in private equity partnerships. The argument here is that the importance of many of these heralded contract design features has been overstated. Part II describes the legal rights of investors in private equity funds. By default, investors in private limited partnerships have limited rights to participate in day-to-day operations or challenge decisions of fund managers. As a result of this set of default legal rules, investors in these funds face a familiar agency problem. That is, fund managers may be emboldened to pursue their own self-interest at the expens...
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The OCC, Board, FDIC, and SEC (individually, an ``Agency,'' and collectively, ``the Agencies'') are requesting comment on a proposed rule that would implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') which contains certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund.
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The Federal Reserve System's Private Equity Merchant Banking Knowledge Center, formed at the Chicago Fed in 2000 after the passage of the Gramm-Leach-Bliley Act, sponsors an annual conference on new industry developments. Sanjeev Mehra, Goldman Sachs Group, surveyed the current state of the private equity industry. During the five-year period leading up to mid-2007, leveraged buyout (LBO) activity increased, driven by access to plentiful and low-cost credit. Leverage ratios also increased, new leveraged loan issuance soared, and credit quality declined. Meredith Coffey, LSTA, surveyed short-, medium-, and long-term trends in the leveraged finance market. In the short term, technical factors (increasing demand relative to supply) and fundamental factors (soaring defaults and rating downg...
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ZRICH, Switzerland/DUBAI, United Arab Emirates (Reuters) - The Abu Dhabi Investment Authority, among the world's largest sovereign wealth funds, is ramping up its private equity activities after a relatively subdued period over the past two years, sources familiar with the fund's plans said. Staffing within ADIA's private equity department will likely more than double from its current complement of around two dozen, sources said, although no specific allocation targets have been set.
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NEW YORK, July 11, 2011 /PRNewswire/ -- Limited partners gradually picked up their commitment pace to private equity during the first half of 2011. According to figures from Dow Jones LP Source, U.S. private equity funds raised $64.7 billion for 201 funds in the first half of the year, a 35% increase in capital committed over the $47.8 billion raised by 225 funds during the first half of 2010. Buyout and venture capital funds drove the rebound in the U.S. and helped put the industry on pace to exceed last year's fund- raising total. European private equity funds collected $24 billion for 62 funds during the quarter, up 48% from the $16.2 billion raised for 76 funds a year earlier. While fund-raising figures are still well below levels seen before the economic downturn, the first half of...
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HOW Malaysia can carve a niche in the private equity world and lead in the largely untapped Islamic private equity market. THE Malaysian private equity market has gained momentum in the last five to six years amid the private equity boom across Asia. Prior to 2000, only a few deals were reported. However, in the past decade, many Malaysian companies have enjoyed private equity funding, including companies such as Shangri-la, Scomi Oilfield, Courts Mammoth, Magnum Corp, Celebrity Fitness, Konsortium Logistik, Green Packet and Tanjung Offshore, to name a few.
