Funds: Private Equity, Hedge and All Core Structures by Matthew Hudson

By Matthew Hudson

Investment cash are the motive force in the back of a lot international deepest financial improvement, and but the realm of funding cash could be complicated and confusing.

Funds: inner most fairness, Hedge and All center Structures is a pragmatic introductory consultant to the felony and advertisement context within which cash are raised and make investments their cash, with examinations of the tax and regulatory historical past, and an research of the major topics and traits that the money face following the monetary quandary. The ebook seems to be at asset sessions, investor go back types, the economic and felony pressures riding assorted constructions and key worldwide jurisdictions for either fund institution and making investments. It additionally incorporates a entire research of fund managers, from remuneration, top perform via to regulation.

The ebook is written for readers from all backgrounds, from scholars or novices to the to skilled traders trying to department out into substitute asset sessions, or current asset managers and their advisers desirous to understand extra concerning the constructions somewhere else in the industry.

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As a limited partnership must have a general partner, removal will necessarily involve the investors identifying a replacement general partner (and manager/ investment adviser where relevant). Instead of a right of removal, investors may instead have a right to terminate the fund, a concept more prevalent in recent LPAs. (b) Removal without cause The removal of the general partner (and manager) without cause (often referred to as ‘nofault divorce’) does not (as the name suggests) require the investors to demonstrate any failing on the part of the general partner.

Other examples have included environmental or regulatory issues. 7 Withdrawals As a closed-ended fund, it is not generally possible for investors to withdraw from it. There may be some circumstances where withdrawal is permitted but they are generally only in exceptional circumstances such as regulatory or tax issues that might make continued participation by an investor in the fund unlawful or materially adverse either for that investor or for the fund. Even in these situations an investor may have to wait until investments are realized before they are paid the value of their investment in the fund.

6 of this chapter (Economics) below. In terms of a UK fund’s structure, it is worth noting that management fees are typically structured as a share of the fund’s profits (if there are no profits, the amounts can be drawn down from the investors, so while technically a profit share it still operates much like a fee), which is paid to the general partner and by the general partner to the manager in the form of a fee. For limited partnerships established in the UK, this means that no value added tax (VAT) should be payable on the ‘management fee’ as no VAT is payable for a share of profits paid to a partner and VAT is also not payable in respect of the subsequent payment of that amount from the general partner to the manager provided that they are grouped for VAT purposes.

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