Your comprehensive guide to negotiating private fund terms
PEI’s fully updated second edition of The LPA Anatomised features the latest insights and views of leading lawyers and industry experts on how GP/LP alignment is created. Edited by Nigel van Zyl and Edward Lee of top law firm Proskauer, the book also explores how the long-term relationship between LPs and GPs is fostered though the LPA; and how recent regulation and litigation are influencing LPA terms.
This is a must-have guide for anyone making decisions or advising on fund terms, or involved in drafting and negotiating LPAs.
- A to Z of LPA terms and how to negotiate them effectively.
- Time for a more flexible model for GP/LP alignment?
- The role of litigation and regulation in the evolution of private fund partnership agreements.
- Case study: How to handle a challenging LPA negotiation.
- A comparison of LPAs in the US, Europe and Asia.
- How to structure and negotiate separately managed accounts.
- Issues GPs must consider when approaching LPs to discuss revising fund terms.
Who should buy this book:
- General Partners
- Limited Partners
- Placement Agents
- Fund Administrators
- Tax Advisers
- Nigel van Zyl and Edward Lee, Proskauer
- Adam Turtle, Rede Partners LLP and Emma Cleveland, Cleveland & Co
- Luba Nikulina, Willis Towers Watson
- David Tegeler, Proskauer
- Lynn Chan, Proskauer
- Robin A. Painter, Proskauer
- Matthew McBride, Proskauer
- Stephanie W. Berdik, Proskauer
- Chris Hayes, Institutional Limited Partners Association
- Tarek Mardini and Amos Veith, P+P Pollath + Partners
- Timothy W. Mungovan, Proskauer
- Joshua Newville, Proskauer
- Michael Suppappola, Proskauer
- John Verwey, Proskauer
- Alan Ross, Aztec Group
- Stephen Sims and Greg Norman, Skadden, Arps, Slate,
Meagher & Flom (UK) LLP
- Ed Hall, Goodwin
- Howard Beber, Proskauer
- Scott Jones, Proskauer
- Andrew Shore, Proskauer
- Malcolm B. Nicholls, Proskauer
- Kate Simpson, Proskauer
- David Jones, Proskauer
- Matthew Huggett, Nick Williams and Dominic von Wulffen,
Allen & Overy LLP
- Catherine Sear, Proskauer
- Mary Kuusisto, Proskauer
- Marguerite Lombardo, Proskauer
- Ira G. Bogner, Proskauer
- Adam W. Scoll, Proskauer
About the editors
By Nigel van Zyl and Edward Lee, Proskauer
SECTION 1: Fundamental issues and trends in term negotiation
1 Aligning GP and LP interests in the LPA: New cycle, new challenges
2 Rewarding true value creation in private equity: implications for LPA economic terms
3 LPAs: A regional comparison 23
4 Case study. Facilitating consensus: How to handle a challenging LPA negotiation
5 Structuring and negotiating separately managed accounts
6 ILPA’s LPA simplification initiative
7 The ILPA influence
8 Renegotiating LPA terms
9 The role of litigation and regulation in the evolution of private
10 The realities of the LPA
SECTION 2: The LPA terms deconstructed
11 Structure and composition terms of the limited partnership
12 Fund mechanics: Operation and management terms
13 Economic provisions
15 Investor protection provisions
16 The Advisory Committee
17 Exculpation and indemnification provisions
18 Tax-related provisions of the LPA
19 Key provisions for ERISA investors
20 The subscription agreement