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Ts & Cs

Fund finance focus: don’t neglect the positives

The use of subscription facilities by funds has seen its criticism, but the practice is not without its positives, write Thomas Smith and Almas Daud.

Divided over a key issue

Is investor focus on key person clauses misguided?

US carry tax reform ‘practically difficult’

Doubts over whether plans to tax carry as income will be actionable have been raised, along with suggestions a renewed legislative proposal to do so may fail.

Siguler Guff to hold final close on SOF – exclusive

The investment firm has hit the hard-cap on its first dedicated secondaries fund which will focus on distressed and special situations, Secondaries Investor has learned.

Goldman seeks $5bn for Vintage VII – exclusive

The investment bank also raised over half a billion dollars for a dedicated real estate secondaries fund last year, according to documents seen by Secondaries Investor.

PE firm settles with SEC over secondaries deal

Private equity firm Blackstreet had allegedly bought stakes in its own funds and then waived its own capital calls.

ILPA publishes fee reporting template

The launch marks the industry’s first attempt to standardise fee reporting, the organisation said.

More than half of GPs lack succession plan

Concern about the next generation of key people is forcing LPs to ask more questions about succession during due diligence.

Fees to remain SEC priority in 2016

Private fund managers’ fee and expense allocation practices will continue to be an SEC focus area as the agency targets never-before-examined advisers in the year ahead.

CalPERS reduces external RE fee payments

The country’s biggest pension fund has been pruning relationships with external managers and shifting its real estate allocation into safer investment strategies.