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LP Co-Investments: Advantages and Common Negotiation Points

By: Henry Riffe and Jeffrey Hart Introduction Co-investment opportunities continue to grow in popularity with institutional investors and fund sponsors, and co-investments continue to play an important role in alternative asset investments. A “co-investment” generally is a portfolio company investment made by an institutional investor, in its discretion, alongside a sponsor’s “blind pool” investment fund….

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Some Twists on the Classic Fund Deal-by-Deal Waterfall

U.S. private equity fund distributions waterfalls generally fall within one of two broad types: return-all-capital (sometimes referred to as European-style waterfalls) and cumulative deal-by-deal (sometimes referred to as American-style waterfalls) waterfalls. Generally, the latter type of waterfall only requires capital contributions in respect of deals that have actually been disposed of, and a corresponding portion…

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Five Don’ts for First Time Fund Managers

First time fund managers are often surprised to learn the degree to which their activities are constrained by regulation, particularly by federal and state securities regulation. Indeed, many fundraising practices that seem entirely unobjectionable to the normal businessperson violate these regulations in some circumstances. These rules can be “traps” that the unwary first time fund…

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