* Private Equity Fund( PEF ) (Limited Partner, LP ) (General Partner, GP ), GP. GP (portfolio company), GP LP. GP LP,, LP LP., GP LP. PEF, PEF, PEF, (buyout) LPA. ( ) PEF ( PEF ), PEF limited partnership Limited Partnership Agreement( LPA ). PEF, * BFL 63 (2014. 1)
,. PEF GP LP (alignment of interests). GP LP, (agency problem). (agent) (principal). LP GP LP GP LP. GP LP. GP. GP. LP GP GP GP, GP LP LP., GP (GP commitment), LP GP, GP GP GP GP LP. Institutional Limited Partners Association(ILPA) Private Equity Principles( ILPA Principles ) GP LP PEF.
PEF. PEF PEF (II), PEF,, (III), PEF,, (IV), GP,, (V). PEF (flow through entity). limited partnership LPA, (first closing), LPA (amended and restated LPA) LP, LP (final closing). PEF, PEF. PEF GP LP. PEF 49 ( 269 1 ),. PEF (private equity firm, ). PEF GP, GP GP, BFL 63 (2014. 1)
GP GP. PEF GP, GP, (management company). (co-investment vehicle), blocker, feeder fund, parallel fund, Alternative Investment Vehicle(AIV). LPA. PEF PEF GP (capital call). GP PEF,. PEF GP,, PEF.,..,. PEF,. PEF, PEF.,
PEF. GP PEF, PEF GP. PEF GP LP LP GP, PEF,, LP ( 2694, 2912, 2953, 7-501 ). LP GP GP ( 281 ). LP PEF GP. LP, PEF. GP (GP commitment), GP, (parallel fund) LP. GP, GP. PEF GP. GP PEF ( 272 1 ). LP PEF, PEF LP.. PEF BFL 63 (2014. 1)
GP. LP GP (monitor) GP-LP LP. GP LP, GP PEF, GP GP. LP GP LP. GP LP, LP,. GP, GP,. LPA. LP. (key person),. LP, (key person event), GP. ILPA Principles GP. GP PEF ( 272 5 ), ( 272 6, 297 2 )., GP PEF ( 269, 195, 707, 681 ). PEF. GP fiduciary duty,
GP, LP (advisory board). GP, GP,,, GP PEF. GP. LP GP, GP LP. LP GP GP PEF. GP LP, LP PEF. PEF. ILPA Principles,, GP 3,, LP. GP LP LP LP. GP PEF, GP, PEF,., GP PEF..,,. GP, GP. PEF, GP., GP, (bad faith), GP. GP 3,. BFL 63 (2014. 1)
(, ), M&A. (track record) PEF. GP LP PEF, LP GP. PEF (asset class) PEF, PEF, PEF. GP PEF,. LP PEF GP. GP. PEF, ( 270, ). GP,., (diversification).,. GP. PEF,, GP 3 ( 295 3, 7-501 ). GP,
.. PEF,. PEF. PEF 10.. PEF 10, 9 1. 5. PEF., PEF,... LPA.,,, (self-dealing). PEF GP (), ( ), GP PEF () GP LP., GP. GP,,., ( 75 ).,., BFL 63 (2014. 1)
.,.., GP (good faith). GP, PEF PEF, GP LP. GP.,. GP PEF GP. GP,.,, LP. LP LP. LP PEF, PEF LP, PEF LP ( ), LP GP LP. LP, GP, GP. LP, GP LP, GP LP. GP,.
(management fee) GP PEF. GP PEF, IT. PEF. GP,, GP PEF ( ). PEF, LP GP LP. PEF, GP PEF GP LP.,. (i), (ii). PEF, GP. PEF GP, GP. PEF (follow-up fund). PEF,,, GP LP,. (fund of funds), GP. GP,, PEF. PEF, BFL 63 (2014. 1)
. (,, ). GP GP (break-up fee), ( transaction fee).,,. LP GP PEF GP PEF. GP PEF, GP,. GP GP,,,.. GP GP PEF. PEF GP, PEF.. GP PEF. GP PEF, PEF GP, (rolling forward). GP. GP PEF. PEF
, (deal sourcing),,,,. GP,...,. LP GP. (cap),.. GP,. GP LP. PEF. PEF GP ( 2723 ), GP LP ( 27262 )., (hurdle rate), ( waterfall ). (i), (ii) (internal rate of return) (preferred returns), (iii) GP (catch-up), (iv), GP (carried interest)., GP catch-up. waterfall. waterfall BFL 63 (2014. 1)
,, waterfall,. waterfall.,. PEF,.. A, B, C A, A, GP ( 4) )..,,..,. 1980., GP. PEF, GP,. LP, MMF PEF, GP.. GP. GP,, GP LP.,
p c GP (market index)., GP. 100 8, 20 1 120 ( ). 100 8 (1008 ), (i) 12 GP 80 20, (ii) 8 2 GP GP (catch-up, make-up) 10 80 20. ( 12 ), (8 ) (2 ) (10 ) (20 ). GP 2.4 (1220 ), 4. catch-up GP, (iii) GP GP ( 5 5),. GP catch-up.. (p) GP (c).. (i) catch-up LP, (ii) full catch-up GP. (iii) catchup (ii), (ii) GP. BFL 63 (2014. 1)
PEF, (nonaggregation ). 5 4 1 GP. GP-LP, 1980 (aggregation ). GP. (i) (ii).,, deal-by-deal, fund-as-awhole. non-aggregation deal-by-deal deal-by-deal with loss carryforward.. 8, catch-up (full catch-up) 20., GP LP 1 GP,. (t 0) LP 200, A B 100. 1 (t 1) A 150, (t 2) B 90. deal-by-deal A (t 1) 150 A 100 8 LP, catch-up 2 GP, 40 80 20. LP 140, GP 10. B (t 2) (200 ) (100 ) LP, 90 LP. 240GP 10, LP 230 ( ). fund-as-a-whole,
100 108 Catch-up 02 08 032 10 140-90 - Catch-up - - - 0 90 150 - Catch-up - - - 0 150-50 20 Catch-up 5 3 12 8 82 A (t 1) LP 200 16 (2008 ) LP LP 150. B (t 2) 200 LP 50 LP, (1508 1 ) (5082 ) 20 LP, catch-up 5 GP, 15 ( 9050205 ) 2 8. GP 8, LP 232 ( )., deal-by-deal GP. GP (clawback). deal-by-deal fund-as-a-whole GP. fund-as-a-whole,. 10, fundas-a-whole GP,. deal-by-deal LP, clawback GP. GP, BFL 63 (2014. 1)
clawback.. deal-bydeal (NAV) ( 125 ) clawback (NAV coverage test), fundas-a-whole (advanced carried interest). deal-by-deal fund-as-a-whole GP clawback. single clawback, interim clawback. clawback LP GP, (escrow), LP,. fund-as-a-whole,,.. PEF,. LP,... GP,,.
GP GP. GP LPA. LP GP LP, GP. GP PEF, GP. PEF, PEF LP. GP, GP PEF GP. GP LP. LP GP, LP. GP GP, LP. PEF 49,. PEF, ( 277 2, 217 2, 224 ).,..., GP LP.. (Employee Retirement Income Security Act, ERISA) LP (venture capital operating company) GP.. GP (capital gain), (ordinary income) BFL 63 (2014. 1)
, GP GP GP LP. GP LP. side letter. LP (, ),. (Most Favored Nations clause),, sidefund. PEF PEF,.. PEF. PEF, GP LP. PEF PEF,. GP LP.