Private funds

All Change

Jason Glover

Tom Bell

As most readers of this publication know, 2007 was a year marked by sharp contrasts and a dramatic mid-year change in financial market conditions. The first half represented a culmination of the boom times experienced by the private equity industry in recent years, a period that Henry Kravis of KKR characterised as the ‘golden era’ of private equity.

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The Power of Private Funds

As readers of this publication know, these are boom times for private fund lawyers and their clients. Although the fourth edition of the International Who’s Who of Private Funds Lawyers was published in early 2006 at a time of significantly increased levels of fundraising across almost all fund categories, activity levels during the 12 months since then have surpassed even the most bullish expectations; 2006 was a record fundraising year both for private equity and hedge funds. However, as noted below, success has brought its challenges for the industry.

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Hedge Funds - Trends & Liabilities

Stephen Ross

Man Investments

Andy Knox

Man Investments

This chapter appears against a backdrop of continued growth across the private funds spectrum. An industry study last year on institutional investing by North American, European, Australian and Japanese institutions in the asset classes – which historically have been grouped under the ‘private funds’ or ‘alternatives’ label, namely private equity, hedge funds and real estate – indicated median asset allocations for alternatives in 2005 as a percentage of total allocated assets of around 20 per cent and predicted that alternatives were poised for rapid growth that would reach record levels in 2007.

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Editorial: Private Funds

Despite 2007’s credit crunch, the funds area remains vibrant. Who’s Who Legal’s analysis of the private funds area confirms the continuing dominance of the London and New York markets in this field and we note a trend towards international expansion among many of the most established firms. A significant number of US firms have made the acquisition of UK talent a priority and many of America’s stalwarts are also looking still further afield; rapid market growth is reflected in the increased representation in areas such as Hong Kong and India – both currently enjoying an injection of capital – while long-standing funds centres such as the Cayman Islands maintain solid positions in our rankings.

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Editorial: Private Funds in California

The 14 individuals from 10 firms featured in this chapter generally fall into two camps: those who deal with fund formation and transactions on behalf of private equity and venture capital; and those whose practices focus primarily on the formation and servicing of another popular form of investment, hedge funds.

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Editorial: Private Funds in Illinois

From its inception a little over 40 years ago, the private funds industry has proved to be dynamic, characterised by rapid evolution and increasing sophistication. Convergent investment products are being developed to maximise profitability and offset risk in even the toughest economic climates.

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