News & Analysis as of

Private Equity Limited Partnerships Private Funds

Ropes & Gray LLP

Negotiating Economics: What are the Different Advantages of Co-Investment for GPs and LPs?

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GPs are increasingly exploring formalised co-investment structures in a bid to secure management fees and carried interest. Co-investment activity has increased fivefold over the past two decades, hitting a record $33.2...more

Goodwin

Convergence and Flexibility: LP Clawback Provisions in Private Funds

Goodwin on

A majority of private fund managers set the clawback limit at 25%, but they calculate the clawback differently depending on fund type. Limited partner (LP) clawback provisions enable fund managers to call back previously...more

Morrison & Foerster LLP

Tax Court’s Decision in Soroban—Potential SECA Tax Implications for Management Fee Income

On May 28, 2025, the U.S. Tax Court issued its decision in Soroban Capital Partners LP v. Commissioner (T.C. Memo 2025-52) (“Soroban”), holding that “limited partners” of a management company organized as a Delaware limited...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Preferred Return Podcast | Balancing Act: Strategies for GPs and LPs in Today's Market

Our latest episode of “The Preferred Return” examines the often intricate dynamic between general partners (GPs) and limited partners (LPs), particularly in today’s challenging fundraising environment. Hosts Greg Norman and...more

Orrick, Herrington & Sutcliffe LLP

Writing the Constitution for Your New Private Equity or VC Fund

Part of a series on structuring the team and legal infrastructure of a new private equity/VC fund (remaining issues to be released in the coming weeks): Writing the Constitution for Your New Private Equity or VC Fund:...more

Carey Olsen

Fund Finance Laws and Regulations 2025: Assessing Lender Risk in Fund Finance Markets (GLI chapter)

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Carey Olsen have contributed to the Global Legal Insights – Fund Finance guide by authoring a chapter on assessing lender risk in fund finance markets. As the fund finance market continues to evolve, lenders will need to...more

Katten Muchin Rosenman LLP

ILPA Publishes Guidance on NAV Financing in Private Equity Strategies

The Institutional Limited Partners Association (ILPA) recently issued guidance (Guidance) for limited partners (LPs) and general partners (GPs) on the use of net asset value (NAV)-based financing facilities in private equity...more

SEC Compliance Consultants, Inc. (SEC³)

Latest SEC Document Request Lists: What Private Fund Managers Should be Worrying About

Many private fund managers are breathing a sigh of relief after the Fifth Circuit struck down the Private Fund Rules (check out our blog post for more information). Do not, however, assume the SEC will stop its aggressive...more

Katten Muchin Rosenman LLP

A New Era for Continuation Fund Transactions: ILPA Issues New Guidance

Challenging economic conditions have made it even more attractive for certain General Partners (GPs) to seek to maintain existing assets owned by fund vehicles. Continuation funds offer GPs a mechanism for doing this by...more

Vinson & Elkins LLP

6 Ideas For Innovating Private Equity Fund Terms

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Aligning the interests of General Partners (GPs) and Limited Partners (LPs) is an essential component of successful private equity funds. Efficient fund terms help GPs and LPs focus on achieving common goals and maximizing...more

Nossaman LLP

ILPA Publishes Highly Anticipated Deal by Deal Model LPA Agreement

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The Institutional Limited Partners Association (ILPA) released a Model Limited Partnership Agreement (LPA) for general partners (GPs) and limited partners (LPs) structuring private fund investment transactions in October...more

Proskauer Rose LLP

“Side Car” Funds – Solutions for Sourcing Capital

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Given the current market volatility resulting from the COVID-19 pandemic, many fund sponsors are seeking additional sources of capital to protect and/or enhance their investment portfolios. There are many circumstances in...more

Bennett Jones LLP

What You Need to Know About ILPA Principles 3.0

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The Institutional Limited Partners Association (ILPA) recently released the latest version of its principles, ILPA Principles 3.0. The updated principles provide a detailed selection of best practices for participants in the...more

BCLP

Unprecedented expectations around transparency: ILPA Principles 3.0 reflect an evolving and diverse private equity funds industry

BCLP on

The third edition of the ILPA Principles was published in June 2019, replacing and updating the January 2011 second edition. Although the overall goal remains the same, one of improving the private equity industry for the...more

Hogan Lovells

New ILPA Guidelines for LPs on GP-led Fund Restructurings

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GP-led Fund Restructurings have become an increasingly important part of the private equity secondaries market, accounting for 40% of 2018's US$70 billion secondaries activity according to ILPA....more

McGuireWoods LLP

UK Private Equity and Venture Capital Funds, Take Note: New PFLP

McGuireWoods LLP on

From 6 April 2017 a new private fund limited partnership (PFLP) vehicle will be available. Limited partnerships are a commonly used structure for private equity and venture capital funds. The Legislative Reform...more

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