Under the hypothetical 3(c)(1) plus exemption (“3(c)(1) Plus Exemption”), two core private equity funds, one of which is eligible for an exemption under Section 3(c)(1) and the other of which is eligible for an exemption under Section 3(c)(7), would be combined into a single Section 3(c)(1)...

This is the second of a two-part article that provides a detailed review of the business terms usually found in a Private Equity Fund's limited partnership agreement. Part II focuses on governance and. "softer," terms: Limited liability, conflicts of interest, exit rights, LP transfers,...

This is the first of a two-part article that provides a detailed review of the business terms usually found in a Private Equity Fund's limited partnership agreement. Part I focuses on economic terms: commitment amounts, capital calls, waterfalls (the distribution scheme), give-backs, clawbacks,...

This is the second of a two-part article that provides a detailed review of the business terms usually found in a Private Equity Fund's limited partnership agreement. Part II focuses on governance and. "softer," terms: Limited liability, conflicts of interest, exit rights, LP transfers,...

Under the hypothetical 3(c)(1) plus exemption (“3(c)(1) Plus Exemption”), two core private equity funds, one of which is eligible for an exemption under Section 3(c)(1) and the other of which is eligible for an exemption under Section 3(c)(7), would be combined into a single Section 3(c)(1)...

Good drafting of fund documents and a solid understanding of how a fund's economic terms work may separate the winning funds from the losers. This article discusses nine important economic concepts all fund investors and fund sponsors should keep in mind when approaching their next closed-end...

On July 15, 2009, the Obama Administration proposed the Private Fund Investment Advisers Registration Act of 2009 (Advisers Registration Act). The effect of the Advisers Registration Act would be to require most U.S. investment advisers that advise Section 3(c)(1) and Section 3(c)(7) exempt...