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Justin Johnson and Chad Rucker of valuations and fairness opinion provider VRC take a look at the regulator’s aims for continuation funds.
More and more PE managers are launching continuation funds to hold onto assets longer. How can you make sure your continuation fund is a success for both you and your investors?
By making GP clawbacks gross of taxes, the new rules could lead to the resurgence of the archaic original American waterfall.
regulation Securities and Exchange Commission SEC GPs
Certain types of deal may not require a fairness opinion, a case likely to be made to the regulator during the ongoing consultation period.
US Securities and Exchange Commission SEC proposals
The degree to which non-US sponsors would be impacted by the changes depends on whether they are registered with the SEC.
planet explodes
The US regulator's definition of what an adviser-led transaction refers to is not clear in its recent proposals, according to law firm Morgan Lewis.
Joncarlo Mark SEC proposals CalPERS US
The former ILPA chairman and CalPERS veteran tells Secondaries Investor that a lack of transparency in GP-led deals can backfire on GPs.
SEC
The US regulator's proposals cover single-asset secondaries deals, strip sales, full fund restructurings and multi-asset continuation fund deals, among others.
regulation Securities and Exchange Commission SEC GPs
The proposals include the requirement to obtain a fairness opinion on the prices of secondaries transactions.
Grim Reaper, death, cemetery
Regulatory proposals in the US should, if enacted, strengthen the continuation fund industry.
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