News & Analysis as of

Private Equity Risk Management Investment Funds

Troutman Pepper Locke

Private Credit Funds as Key Lenders in Subscription and NAV Lines: Market Insights

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Private credit funds (PCFs) are emerging as key players in the subscription and net asset value (NAV) line market, significantly impacting fund financing. Regulatory changes, economic trends, and strategic innovations are...more

Walkers

Going solo: Guernsey structures for single investor or single asset mandates

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Guernsey has established itself as a sophisticated, stable jurisdiction for the structuring of alternative investment funds and bespoke vehicles. Among its suite of offerings, Guernsey permits the formation of unregulated...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

Woodruff Sawyer

Insuring Fund Liability Risks: A Guide to GPL Coverage for Venture Capital and Private Equity Firms - 2025 Edition

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Woodruff Sawyer has been a leader in the fund-level General Partnership Liability (GPL) space since the creation of this insurance product over 30 years ago. In today’s environment, it’s essential that venture capital,...more

Ropes & Gray LLP

Energy Transition: Navigating Europe's Short-Term Volatility and Long-Term Gains

Ropes & Gray LLP on

It might appear as though investors are struggling to see how to make the energy transition profitable, but European investor appetite hasn’t waned for the right transaction. Below we consider some topical issues and risk...more

Cadwalader, Wickersham & Taft LLP

Debt by Design, June 2025 - Permitted Indebtedness

Before a subscription lender can enter into a subscription credit facility with a fund, the subscription lender will need to review the limited partnership agreement (“LPA”) of such fund to confirm the LPA allows for...more

Proskauer - The Capital Commitment

Three Risks to Monitor in Private Credit

Private credit has become an essential source of financing globally, with fund sponsors enjoying strong demand from borrowers, market participants, and investors.  However, as the industry’s “golden age” continues, regulatory...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Empower to offer 401(k) private equity investments to participants

Empower recently made headlines by announcing a bold new initiative: giving defined contribution (DC) retirement plan participants access to private market investments. On the surface, it sounds like a win—more choice,...more

Bennett Jones LLP

Private Equity Secondaries: Adapting to Illiquidity and Risk

Bennett Jones LLP on

Global private secondary market transaction volume hit an all-time high of US$160 billion in financial year (FY)-2024, which is up 41 percent from 2023 and has surpassed projections. Private market secondaries have been...more

White & Case LLP

Net asset value finance gains ground with infrastructure managers

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The increase in the use of fund finance by private equity is carrying over into the infrastructure fund space, with managers using net asset value and back-leverage facilities to unlock liquidity for investors and portfolio...more

Cadwalader, Wickersham & Taft LLP

Key Person, Key Risk, May 2025 - A Key Person Will Never Walk Alone . . .

For those that are not aware, Liverpool Football Club have now officially won their record equalling 20th English league football title. For the benefit of non-fans of association football or soccer (“soccer” of course...more

Proskauer - The Capital Commitment

Top Ten Regulatory and Litigation Risks for Private Funds in 2025

Confession: writing this in May 2025, we cannot predict with confidence what the rest of 2025 will bring. The year has already seen four months of change and upheaval – political, regulatory, and economic. The new US...more

Cadwalader, Wickersham & Taft LLP

Is Cash King? Deferred Consideration and Specie/in-Kind Transactions in the Context of Private Equity NAV Financings

Net asset value (NAV) facility documentation, at least in the context of private equity, has evolved to a large extent on the assumption that borrower funds will usually execute transactions in cash - paying cash on...more

Ankura

Metrics That Matter Revisited: Elevate Your Playbook

Ankura on

Private Equity (PE) firms face pressure to deliver strong returns while managing downside risk. This necessitates a focus on performance metrics that measure value creation and overall health. However, the reporting shared by...more

DLA Piper

Beyond the Balance Sheet - The Future of Private Credit and Fund Finance

DLA Piper on

The inaugural Beyond the Balance Sheet: The Future of Private Credit and Fund Finance Summit brought together industry leaders to explore key trends shaping private credit and fund finance. Hosted by DLA Piper and Opal, the...more

Mayer Brown

Subscription Credit Facilities: Understanding the Collateral

Mayer Brown on

Subscription credit facilities, commonly referred to as “sub-lines” or “capital call facilities,” are a cornerstone of private equity finance. These facilities are secured by a bespoke collateral package that protects lenders...more

Ropes & Gray LLP

Legal Lingo: What is a Secondaries Transaction?

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Being an aspiring commercial lawyer often means being confronted by complex, often abstract, concepts leading to an often impenetrable wall of jargon for students and trainees. Next up in our Legal Lingo series, which we've...more

Cadwalader, Wickersham & Taft LLP

New Regulatory Priorities Spring Into Focus, April 2025 - The UK Regulator Sets Out Its Supervisory Priorities for the Asset...

On February 26, the UK’s Financial Conduct Authority (FCA) wrote to Chief Executives in the asset management and alternatives sector to set out their current supervision priorities (the Portfolio Letter)....more

Morgan Lewis

Private Credit Markets Continue to Expand in Asia

Morgan Lewis on

Private credit, or funding provided by non-bank lenders, has expanded significantly, becoming a $1.7 trillion global industry. Many market participants anticipate continued growth, with conservative estimates projecting an...more

A&O Shearman

UK FCA highlights areas for improvement in private market valuation processes

A&O Shearman on

The UK Financial Conduct Authority (FCA) has published the findings of the multi-firm assessment of valuation practices and governance for valuing private equity, venture capital, private debt and infrastructure assets. The...more

Goodwin

New Year, Similar Concerns: The FCA's 2025 Priorities for UK Private Fund Managers

Goodwin on

On 26 February 2025, the Financial Conduct Authority (FCA) published a portfolio letter (Letter) explaining its supervision priorities for the asset management and alternatives portfolios....more

Mayer Brown

Subscription Credit Facilities: The Importance of an Investor’s Agreement to Fund Without “Setoff, Counterclaim or Defense”

Mayer Brown on

EXECUTIVE SUMMARY - Subscription credit facilities rely on the obligations of investors to a private investment fund (“Fund”) to contribute their capital commitments to the Fund when called. From a subscription credit...more

Goodwin

Where Do Private Funds Draw the Line on Recycling?

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Private fund managers “recycle” capital — i.e., reinvest capital that would otherwise be returned to investors or to recall distributions already made — to maximize their investment capacity. ...more

Ankura

Building Blocks That Matter

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Finance Transition for Middle Market and First-Time Sponsor-Backed Companies - Our Ankura Office of the CFO® professionals have worked inside finance functions of private equity (PE) and private credit-backed portfolio...more

Cadwalader, Wickersham & Taft LLP

Give and Take February 2025 - When Relationships Go South

In entering into a fund financing, both the Lender and the Fund have expectations that the relationship will be a success.  The Lender is appreciative of the association, and the Fund is confident in its ability to raise...more

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