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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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All grist to the mill of Luxembourg limited partnerships?
A recent decision of the German High Tax Court (Bundesfinanzhof, in short BFH) is causing ...
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Much of the private equity activity in 2008 and the first half
of 2009 has consisted of secondary purchases and sales of limited
partnership interests...
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Introduction
Legislative research on industrial investment funds started in early 2000. Since the official administrative regulations regarding such...
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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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Last week, the German Federal Tax Court (Bundesfinanzhof) published the first decision of a German superior court in which the German Federal Tax Cour...
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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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Originally appeared in Financier Worldwide Magazine, August 2011
Private equity firms may need to use a wide variety of legal structures and domicil...
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The private equity market has experienced an influx of investors of all types, including large institutions, employee benefit plans, tax-exempt organizations and individuals. As a result, private equity funds have increased dramatically over the past several years. This article focuses on some of the legal and structural considerations lenders are likely to encounter when providing such financing. It also highlights certain legal issues addressed in recent litigation. Private equity funds typically seek debt financing in order to increase liquidity for their investment activities and general working-capital purposes. In order to enhance the lender's right to enforce payment of the capital commitments, documentation between each eligible investor and the lender should be strongly conside...