Our Private Equity Group is considered the go-to practice for complex, bespoke and firm-defining transactions. With clients ranging from the world’s leading institutional asset managers to prominent middle-market private equity and growth equity firms, we offer comprehensive advice to general partners, limited partners, co-investors and other equity stakeholders, as well as portfolio companies, lenders and financial sponsor groups. The depth and continuity of our relationships across the industry gives us a nuanced understanding of each client’s objectives and allows us to provide seamless, efficient counsel across the investment lifecycle.
Bob Hirsh Quoted on ILPA Private Equity Guidelines
Corporate partner Bob Hirsh was quoted in the August issue of Private Equity Analyst in the article "Revisions Could Be In The Works for ILPA PE Fund Guidelines." The article discusses the ILPA's request to certain general partners for feedback on its Private Equity Principles, a set of guidelines for fund-term negotiations that it published last September. Some general partners feel that the guidelines are too strict and have labeled some of the principles as "unworkable."
Bob commented on one recommendation that has received strong resistance from general partners - that of requiring joint and several clawbacks, or the payment of taxes on clawbacks - stating, "Requiring a pre-tax clawback, especially when the tax rate is likely to go up, will leave a GP without money to give back from the fund."