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2020-2021 Private Equity/Venture Capital Partnership Agreements Study

US$ 2,495.00

Key Information

  • ISBN: N/A
  • Publication Date: January 2020
  • Number of Pages: 87

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Negotiate favorable T&Cs with the all-new 2020-2021 PE/VC Partnership Agreements Study.

Buyouts has compiled one of the largest studies ever of global private equity limited partnerships from surveys acquired from GPs and LPs. The resulting report is an indispensable tool for anyone involved with private equity and venture capital partnership terms and conditions.

The 2020-2021 study includes:
Analysis of what’s market for terms and conditions organized in five categories –

  • Fund formation and operation
  • Fees and expenses
  • Distributions and profit-sharing
  • Performance and returns
  • Corporate governance

Results are broken down for seven sample groups –

  • North American Venture
  • North American Buyout
  • International Venture
  • International Buyout
  • Funds of Funds/Secondary Funds
  • Mezzanine/Infrastructure
  • Private Equity Real Estate

Study also provides:

An analysis of co-investment deal terms and conditions, a look at limits placed on the use of capital call loans and a view into how quickly fund managers are adopting ILPA reporting templates and standards.

Download a sample of the previous version here!

Product is fulfilled in digital and print format.

PE Hub enlisted an all-star advisory board to review our findings and predict where they think individual terms and conditions are heading.

- Joseph Weitemeyer, Research Editor, Buyouts
- Dan Gunner, Research & Analytics Director, PEI Media

Advisory Board:
- Christian Albert, Managing Partner, Bowside Capital
- Thomas Beaudoin, Partner, Goodwin Procter
- Douglas M. Blagdon, Founder and Managing Partner, ShoreBridge Captial Partners
- Bradley S. Mandel, Partner, Winston & Strawn LLP

2018-2019 Edition Guide to Tables and Charts
i. Description of Sample and Methodology
- Sample Composition
- Firm Size
- Composition of International Sample
- Breakdown by Fund Size
ii. Fund Formation and Operation
- Fund Term and Investment Period
- Approvals Required For Extensions
- Recycling Provisions
- Limits on Recycling Provisions
- Bridge Financings
- Limits on Bridge Financings
- Fundraising Timing
- Co-investment Rights
- Cherry-picking Investments
- LP Co-investment Rights
- Unrelated Business Taxable Income
- Capital Calls and Default Penalties
- Side Letters/Most Favored Nation
- GP Contribution
- How GP Contribution is Funded
- GP Contribution 2018
- Investment Restrictions
- Fund Leverage
- Friends and Family Funds
iii. Fees and Expenses
- Management Fees
- How Fees are Structured
- Budgeted Fees
- Tiered Fees
- Management Fees by Fund Size
- Scale-downs and Scale-ups
- Management Fees 2018-2019
- Transaction Fee Offsets
- Transaction Fee Offsets 2018-2019
- Expenses
- Organizational Expenses
- SEC Registration & Compliance
- Deal Sourcing and Monitoring
- Broken-deal
- Co-investors’ Share of Broken Deal Expenses
- Advisory Board
- Annual Meetings
- Travel
- Outside Consultants
- Reverse Break-up Fees
- Placement Agents
- How Shared Expenses Get Allocated
iv. Distributions and Profit Sharing
- Carried Interest
- Performance-based
- Net of Fees and Expenses
- Changes to Carry Taxation
- Carried Interest 2018-2019
- Distribution Waterfall
- Deal by
- European Method
- Priority Return
- Catch-up Provision
- Net Asset Value Test
- Distribution Waterfall 2018-2019
- GP Clawback
- How Calculated
- Clawback Guarantee
- Escrow Accounts
- True-ups
- GP Clawback 2018-2019
- Distribution Methods
- Cash Distributions
- Freely Tradable Securities
- Sale of Securities for Cash
- Valuation of Freely Tradable Securities
- Dividends and Interest
- Short-term Investments
- Tax Liability Distributions
v. Performance and Returns
- Quarterly Reports
- Fair Value
- Confidentiality
- Disclosure
vi. Corporate Governance
- Advisory Board
- Number of LP Advisers
- Roles and Powers
- Indemnification
- Standard of Care
- LP Clawback
- Limits on LP Clawback
- Divorce Clauses
- For-cause Divorce Clause
- No-fault Divorce Clause
- No-fault Suspension
- Divorce Clauses 2018
- Key-person Provision
- Standard of Time Commitment
- Automatic Suspensions
- Extension of Suspension Period
- End of Suspension Period
- Actions Resulting from Trigger
- Key-person Provision 2018-2019
- ILPA Compliance
- Corporate Responsibility
Appendix A. Glossary
Appendix B. Examples of Scale-down Formulas


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