On 9 February 2022, the Securities and Exchange Commission (“SEC”) released its proposed Private Fund Advisers rule, with the primary goal of promoting transparency for private fund investors by requiring registered investment advisers to disclose the full cost of investing in private funds, as well as the performance of such funds. Following the commentary period, the Institutional Limited Partners Association (“ILPA”) submitted its recommendations which included…

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The proposed changes will have a significant impact on the structuring, negotiation, and approval of agreements between LPs and GPs within the private equity industry. Private fund advisers and investors will need to consider how the proposed rules will affect their relationships. We can utilise the proposed changes to effectively negotiate the Limited Partnership Agreement and other investment documents in your favour.

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