A limited partner (“Investor”) in a private equity fund (“Fund”) will often enter into a letter agreement (“Side Letter”) with the Fund that modifies the terms of the Fund’s limited partnership agreement (“LPA”) as they apply to the specific Investor. Through an LPA or a Side Letter, a Fund may grant an Investor rights in connection with certain investments made by the Fund that conflict with the Investor's internal investment policy restrictions.
Watch "Private Debt" on YouTube
https://youtu.be/kNl-0JEXh0c
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Private Debt
4 strategies of private debt are direct lending, mezzanine loans, venture debt and distressed debt. In this video we discuss:
– 4 Categories of private debt – 00:09
– Direct Lending – 00:15
– Mezzanine Loans – 00:23
– Venture Debt – 00:41
– Distressed Debt…
– 4 Categories of private debt – 00:09
– Direct Lending – 00:15
– Mezzanine Loans – 00:23
– Venture Debt – 00:41
– Distressed Debt…
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Get Template - ILPA
Overview | Get Template | Template Endorsers | How to Endorse Templates: ILPA Reporting Template (XLSX) ILPA Reporting Template Guidance (PDF) NCREIF PREA Real Estate Supplement (XLSX) – Developed by the NCREIF PREA Reporting Standards Council. For…
To SPAC or Not to SPAC: A Continuing Conversation with Mid-Sized PE Fund Managers about the SPAC Process (Part II) | K&L Gates LLP - JDSupra
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#SPAC
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To SPAC or Not to SPAC: A Continuing Conversation with Mid-Sized PE Fund Managers about the SPAC Process (Part II)
An Introduction to the SPAC IPO Process: In our initial alert (Part I), we provided an overview of key considerations for private equity (PE) mid-sized and emerging managers when deciding whether...
Private Equity Back Office Solutions — PE Stack
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Private Equity Back Office Solutions — PE Stack
PE Stack's solutions map shows private equity and venture capital specialized technology, software and data vendors providing services in the back office space and discusses trends, innovation and risk perception in this area.
Private Equity related abbreviations
AIF alternative investment fund
AIFM alternative investment fund manager
AIFMD Alternative Investment Fund Managers Directive
AIM alternative investment market
ALM asset liability management
AUM assets under management
CAGR compound annual growth rate
CAPEX capital expenditures
CAPM capital asset pricing model
CCF capital cash flow
CDO collateralized debt obligation
CLO collateralized loan obligation
CMBS commercial mortgage-backed securities
DCF discounted cash flow
DPI distribution to paid-in-capital
EBITDA earnings before interest, tax, depreciation, and amortization
ESG environment, social, and governance
ETFs exchange-traded funds
EVCA European Private Equity and Venture Capital Association
FATCA Foreign Account Tax Compliance Act
FCF free cash flow
FINRA Financial Industry Regulatory Authority
GDP gross domestic product
GFC global financial crisis
GLPEI Global Listed Private Equity Index
GP general partner
HNWI high net worth individual
ILPA Institutional Limited Partners Association
IPO initial public offering
IRR internal rate of return
IRS Internal Revenue Service
LBO leveraged buyout
LP limited partner
LPA limited partnership agreement
LPE listed private equity
LPEQ Listed Private Equity Association
LTV loan-to-value
M&A mergers and acquisition
MBO management buyout
MIRR modified internal rate of return
MPT modern portfolio theory
NAV net asset value
NPV net present value
NVCA National Venture Capital Association
OCC Office of the Comptroller of the Currency
OCIE Office of Compliance Inspections and Examinations
PEGCC Private Equity Growth Capital Council
PEPI Private Equity Performance Index
PER price-to-earnings ratio
PIK payment in kind
PIPE private investment in public equity
PME public market equivalent
PPM private placement memorandum
PrEQIn Private Equity Quarterly Index
PTPE publicly traded private equity
REIT real estate investment trust
RIC regulated investment company
RLBO reversed leveraged buyout
ROC return on capital
ROE return on equity
RV residual value
RVPI residual value to paid-in
SBA Small Business Administration
SBO secondary buyouts
SBICs small business investment companies
SCF simple cash flow
SEC Securities and Exchange Commission
SPAC special purpose acquisition corporation
SPE special purpose entity
TVPI total value to paid-in
TWR time weighted return
VaR value-at-risk
VC venture capital
VCs venture capitalists
VCT venture capital trust
WACC weighted average cost of capital
AIF alternative investment fund
AIFM alternative investment fund manager
AIFMD Alternative Investment Fund Managers Directive
AIM alternative investment market
ALM asset liability management
AUM assets under management
CAGR compound annual growth rate
CAPEX capital expenditures
CAPM capital asset pricing model
CCF capital cash flow
CDO collateralized debt obligation
CLO collateralized loan obligation
CMBS commercial mortgage-backed securities
DCF discounted cash flow
DPI distribution to paid-in-capital
EBITDA earnings before interest, tax, depreciation, and amortization
ESG environment, social, and governance
ETFs exchange-traded funds
EVCA European Private Equity and Venture Capital Association
FATCA Foreign Account Tax Compliance Act
FCF free cash flow
FINRA Financial Industry Regulatory Authority
GDP gross domestic product
GFC global financial crisis
GLPEI Global Listed Private Equity Index
GP general partner
HNWI high net worth individual
ILPA Institutional Limited Partners Association
IPO initial public offering
IRR internal rate of return
IRS Internal Revenue Service
LBO leveraged buyout
LP limited partner
LPA limited partnership agreement
LPE listed private equity
LPEQ Listed Private Equity Association
LTV loan-to-value
M&A mergers and acquisition
MBO management buyout
MIRR modified internal rate of return
MPT modern portfolio theory
NAV net asset value
NPV net present value
NVCA National Venture Capital Association
OCC Office of the Comptroller of the Currency
OCIE Office of Compliance Inspections and Examinations
PEGCC Private Equity Growth Capital Council
PEPI Private Equity Performance Index
PER price-to-earnings ratio
PIK payment in kind
PIPE private investment in public equity
PME public market equivalent
PPM private placement memorandum
PrEQIn Private Equity Quarterly Index
PTPE publicly traded private equity
REIT real estate investment trust
RIC regulated investment company
RLBO reversed leveraged buyout
ROC return on capital
ROE return on equity
RV residual value
RVPI residual value to paid-in
SBA Small Business Administration
SBO secondary buyouts
SBICs small business investment companies
SCF simple cash flow
SEC Securities and Exchange Commission
SPAC special purpose acquisition corporation
SPE special purpose entity
TVPI total value to paid-in
TWR time weighted return
VaR value-at-risk
VC venture capital
VCs venture capitalists
VCT venture capital trust
WACC weighted average cost of capital
Top 90 Private Equity Blogs, Websites & Influencers in 2021
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Feedspot
100 Best Private Equity Blogs and Websites To Follow in 2023
Best Private Equity Blog list. Get current news on private equity, private equity firms, angel investing, venture capital by following top Private Equity blogs, Venture Capital Blogs and Angel Investor Blogs.
Annex Funds
The “annex” fund is generally used to raise new capital for investments in existing portfolio companies of the flagship (main) fund. Managers that form annex funds will usually cause the vehicle to offer interests first to existing investors on a pro rata basis and then to third-party investors.
The terms of annex funds usually include a significantly reduced management fee and performance-based compensation terms that net profits and losses of the annex fund against profits and losses of the flagship fund for purposes of determining the manager’s carried interest.
The “annex” fund is generally used to raise new capital for investments in existing portfolio companies of the flagship (main) fund. Managers that form annex funds will usually cause the vehicle to offer interests first to existing investors on a pro rata basis and then to third-party investors.
The terms of annex funds usually include a significantly reduced management fee and performance-based compensation terms that net profits and losses of the annex fund against profits and losses of the flagship fund for purposes of determining the manager’s carried interest.
Top-Up Funds
A close relative of the annex fund, the “top-up” or “overage”fund is a product that invests alongside the undrawn commitments of the flagship fund in new investments.
As top-up funds are often an easier sell to investors, they tend to have more typical fee terms, but, generally, no management fees are charged until capital is drawn.
A close relative of the annex fund, the “top-up” or “overage”fund is a product that invests alongside the undrawn commitments of the flagship fund in new investments.
As top-up funds are often an easier sell to investors, they tend to have more typical fee terms, but, generally, no management fees are charged until capital is drawn.
“Sidecar” Co-Investment Funds
Managers typically expressly disclose to their flagship fund investors the prospect that, if an investment is deemed too large or otherwise inappropriate for the fund, the opportunity to co-invest alongside the flagship fund may be given to other products of the manager or third parties.
A “sidecar” is a co-investment vehicle established by a manager to invest in one or more such “co-investment opportunities”. Sometimes “overflow fund” is the term used for those sidecars whose mandate covers multiple co-investment opportunities.
#sidecar
Managers typically expressly disclose to their flagship fund investors the prospect that, if an investment is deemed too large or otherwise inappropriate for the fund, the opportunity to co-invest alongside the flagship fund may be given to other products of the manager or third parties.
A “sidecar” is a co-investment vehicle established by a manager to invest in one or more such “co-investment opportunities”. Sometimes “overflow fund” is the term used for those sidecars whose mandate covers multiple co-investment opportunities.
#sidecar