ILPA Issues Model Subscription Agreement for Private Equity Funds
Fund Document Developed to Increase Clarity, Reduce Costs and Time to Close
WASHINGTON and TORONTO, Dec. 12, 2017 (GLOBE NEWSWIRE) -- In an effort to streamline fundraising, increase clarity and improve the efficiency of capital formation, the Institutional Limited Partners Association (ILPA) today released a model subscription agreement (MSA) for private equity funds. Developed by legal counsels representing the private equity industry, the modular, multi-jurisdictional document provides a balanced, off-the-shelf solution which can be easily customized to meet the needs of fund managers and their investors, saving significant time and cost. The ILPA MSA is available to the industry on the ILPA website.
"In speaking to private equity stakeholders about legal procedures in need of streamlining, the fund closing process was at the top of the list for constructive disruption," said Chris Hayes, Director of Industry Affairs, ILPA. "Both LPs and GPs agreed that a standard MSA would provide comfort to investors while eliminating the need for managers to re-create this core agreement and drive up legal costs for each and every fund. We are tremendously pleased with the result of our collaboration, and encourage the industry to take advantage of the work that was completed on their behalf."
The standard MSA provides certainty of legal language for LPs applying to invest with fund managers, accelerating the fundraising process by reducing review time for both parties. It also eliminates extraneous information that has crept into subscription agreements in recent years, returning the document to its core purpose. The MSA includes various bracketed provisions and removable schedules which make it customizable based on the particular requirements of the fund, including the respective jurisdictions of the GP and the LPs subscribing to the fund.
Led by Mr. Hayes, the working group that developed the document included 30 attorneys representing investors and fund managers on a global basis. The final document reflects additional input solicited from more than 60 attorneys outside the working group. Working group members include: James O'Donnell, DLA Piper UK; Semma Arzapalo, Pillsbury Winthrop Shaw Pittman LLP; Todd Boudreau, Foley & Lardner LLP; Edward Klees, Hirschler Fleischer; Anna Marie Larson, K&L Gates LLP; Adam Lippiett, Siemens AG; Mark Mezey, IFC; Yuliya Oryol, Nossaman LLP; and others.
The MSA, which represents the first in a series of model documents and best practices to be produced through ILPA's Limited Partnership Agreement (LPA) Simplification Initiative, is available for download immediately.
About the Institutional Limited Partners Association (ILPA)
ILPA engages, empowers and connects limited partners to maximize their performance on an individual, institutional and collective basis. With more than 450 member institutions representing over US$1 trillion of invested capital, ILPA is the only global organization dedicated exclusively to advancing the interests of LPs and their beneficiaries through best-in-class education, research, advocacy and events. For more information, please visit ILPA.org.
Managing Director, Communications, ILPA
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Institutional Limited Partners Association via Globenewswire
Följ NASDAQ OMX
Abonnera på våra pressmeddelanden.
Senaste pressmeddelandena från NASDAQ OMX
Arc Aroma Pure AB : 180420 ARCAROMA stärker informationsflödet till den finansiella marknaden20.4.2018 15:20 | Pressmeddelande
Pressrelease 2018-04-20 A rc Aroma Pure AB ("ARCAROMA") möter det ökade intresset hos investerare och aktiverar en ny tjänst. ARCAROMA kommer att publicera nyhetsbrev med en mer djuplodande information om bolaget, strategier och framsteg. Skälet är ett kraftigt ökat intresse från marknaden, kanske som resultat av en ägarspridning. Även de restriktioner som numera finns hos marknaden avseende finansiella pressmeddelande spelar in. Det första nyhetsbrevet kommer att släppas under vecka 17 på bolagets Investor sida www.investor.arcaroma.se. På investor.arcaroma.se kommer det att finnas en länk till nyhetsbreven och till en sida där allmänheten har möjlighet att anmäla sig till en prenumerationstjänst. Målsättningen är att nyhetsbreven skall släppas periodiskt och i även samband med händelser som förtjänar en mer detaljerad information än vad som ryms i ett finansiellt pressmeddelande. Det är vår förhoppning att bolaget på detta sätt kan tillfredsställa det ökande behov av information som
Abeona Therapeutics Receives Orphan Drug Designation in the European Union for ABO-202 Gene Therapy Program in Batten Disease20.4.2018 14:15 | Pressmeddelande
NEW YORK and CLEVELAND, April 20, 2018 (GLOBE NEWSWIRE) -- Abeona Therapeutics Inc. (NASDAQ:ABEO), a leading clinical-stage biopharmaceutical company focused on developing novel cell and gene therapies for life-threatening rare genetic diseases, announced today that the European Medicines Agency (EMA) Committee for Orphan Medicinal Products has granted Orphan Drug Designation (EMA/OD/013/18) for Abeona's gene therapy program ABO-202 for the treatment of subjects with neuronal ceroid lipofuscinosis, also known as Batten Disease, a fatal lysosomal storage disease that primarily affects the nervous system in children. ABO-202 is an adeno-associated virus developed to introduce a functional copy of the CLN1 gene into cells in order to restore the enzyme activity that is needed to break down certain lipopigment proteins that are deficient in patients with CLN1 disease. "This designation is an important step in our CLN1 program as it encourages us to proceed towards clinical development," st
Taconic Biosciences Licenses Easi-CRISPR Technology from the University of Nebraska20.4.2018 14:00 | Pressmeddelande
RENSSELAER, N.Y., April 20, 2018 (GLOBE NEWSWIRE) -- Taconic Biosciences, a global leader in providing genetically engineered mouse model and service solutions, has been granted a license to the Easi-CRISPR technology from the University of Nebraska. Easi-CRISPR was developed in the laboratories of Drs. Masato Ohtsuka (Tokai University in Japan), and Channabasavaiah Gurumurthy (University of Nebraska). The terms of the agreement include a world-wide, non-exclusive license to the technology, allowing Taconic rights to generate and sell rodent models generated via Easi-CRISPR. When compared to traditional CRISPR, Easi-CRISPR represents a significant advantage, allowing researchers to perform whole genetic insertions versus being limited to point mutations and constitutive knockouts. "Easi-CRISPR is the next progression of the revolutionary CRISPR/Cas technology. Combining the speed of CRISPR with larger genetic insertions allows complex projects typically requiring homologous recombinati
LeoVegas new principal partner for Swedish Open20.4.2018 11:30 | Pressmeddelande
The LeoVegas Mobile Gaming Group is expanding its sponsoring partnership with the Swedish Open in Båstad by assuming the role as a principal partner for the prestigious tennis tournament. "Last year's successful sponsor partnership with the Swedish Open in Båstad was a strategic effort to profile LeoVegas Sport and our offering in tennis. This venture whet our appetite, and we have therefore chosen to ramp up our sponsorship from Official Partner to become one of the Swedish Open's Principal Partners," comments Gustaf Hagman, Group CEO. Betting on tennis - especially live betting via mobile devices - is one of the gaming categories which in terms of turnover is growing the fastest in most of LeoVegas markets. Live betting puts high demands on technology and is well in line with LeoVegas' ambition to continuously deliver the best mobile gaming experience. Louise Nylén, LeoVegas' Chief Marketing Officer, comments: "Our sponsoring partnership with the Swedish Open in Båstad strengthens ou
LeoVegas ny huvudpartner till Swedish Open20.4.2018 11:30 | Pressmeddelande
Mobilspelsbolaget LeoVegas utökar sponsorsamarbetet med Swedish Open i Båstad genom att anta rollen som huvudpartner till den anrika tennisturneringen. "Förra årets framgångsrika sponsorsamarbete med Swedish Open i Båstad var en strategisk satsning på att profilera LeoVegas Sport och vårt erbjudande inom tennis. Den satsningen gav mersmak och därför väljer vi nu att växla upp vårt sponsorsåtagande från officiell partner till en av Swedish Opens huvudpartners", säger Gustaf Hagman, Group CEO. Spel på tennis, och då inte minst livebetting i mobilen, är en av de spelkategorier som omsättningsmässigt ökar snabbast på flertalet av LeoVegas marknader. Livebetting ställer höga krav på teknologi och ligger i linje med LeoVegas ambition att ständigt leverera den bästa spelupplevelsen i mobilen. "Sponsorsamarbetet med Swedish Open i Båstad stärker vår position som relevant aktör inom sport och framförallt inom tennis. Vår strävan är att ligga i framkant med vår datadrivna marknadsföring och komb
PayByPhone appoints Andreas Gruber as new President and CEO20.4.2018 00:19 | Pressmeddelande
VANCOUVER, British Columbia, April 19, 2018 (GLOBE NEWSWIRE) -- PayByPhone, the global leader in mobile parking payments, today announced that it will appoint Andreas Gruber as president and Chief Executive Officer effective June 1st, 2018. Francis Dupuis, the former President and CEO, will take over a position in Germany with parent company Volkswagen Financial Services AG. To provide additional impetus to the PayByPhone board, two new board positions have been created and as a result Maggie Clay (CFO) and Catherine Scott (Legal Counsel) will be appointed effective June 1st, 2018. During his time at PayByPhone, Francis led the business through significant growth and organizational change and leaves the company well positioned for continued success. "We would like to thank Francis for his strong leadership and look forward to building on his experience within Volkswagen Financial Services," Gerd Künne, Vice-President of mobility unit at Volkswagen Financial Services, said. Francis is e
I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.Besök vårt pressrum