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2009 Fund Terms Advisor
Preqin, June 2009, Pages: 315
2009 Preqin Fund Terms Advisor
Prevailing economic conditions have led to LPs increasing their attention towards terms and conditions of private equity funds, with half of all LPs surveyed by Preqin declaring a heightened interest in fund terms over the past six months.
LPs are not afraid to reject funds if the alignment between themselves and the GP is not satisfactory – 53% of those surveyed have done so in the past six months alone. There is already evidence to show that GPs and law firms are taking note, with management fees for the most recent funds dropping, and instances of vehicles utilising sliding scale fees increasing.
A good understanding of the changes taking place in the industry is vital, and a source of good data on current standard terms and conditions for funds of different types and size is of greater importance than ever before for all legal and private equity professionals involved with the fund formation process. It is also a vital consideration for all those investing in private equity, and for those advising LPs.
In order to analyse the latest trends and statistics for private equity fund terms and conditions Preqin goes to extraordinary lengths in order to collect as much accurate raw data as possible. Preqin analysts have completed questionnaires directly with hundreds of fund managers over the past four editions of this industry standard publication, and have worked with placement agents and fund of funds managers across the world, gaining access to as many PPMs as possible for all different fund types, geographies and sizes across all recent vintage years.
Highlights of this year's publication and online module include:
- Actual terms and conditions data for 1,200 funds, including management fees and mechanisms for reduction after the investment period, carry, hurdles, preferred return, fee rebates, no fault divorce clause, GP commitments, investment period and more…
- Benchmark terms and conditions data for funds of all different types: buyout, venture, real estate, distressed, mezzanine, fund of funds, secondaries and more…
- Results of our LP Survey - the most comprehensive survey of LPs' opinions on fund terms and conditions ever conducted.
- Data and analysis on the actual fees and costs incurred by LPs, with listings showing costs for 1,000 named vehicles.
- Full access to our updated Fund Terms Advisor Online product, which enables you to model the real economic impact of fund terms and conditions, and download detailed fund terms for further analysis.
-Comprehensive analysis on all aspects of private equity fund terms and conditions examining how conditions have changed over time, and what variations exist amongst funds of different type and size, changes in fees after the credit crunch, relationships between hurdle rates and carry plus much more.
- Listings for over 100 law firms involved in the fund formation process, including contact details and sample previous assignments.
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