Hong Kong – Negotiating Private Equity Fund Terms: A Closer Look At The New ILPA Model Limited Partnership Agreements.

With the Hong Kong Government's recent revamp of the Hong Kong partnership ordinance (Cap. 637), we thought it timely to take a closer look at the Institutional Limited Partners Association's (ILPA) efforts to streamline and modernize negotiations between general partners and limited partners.
 

The ILPA publicly released their “Emerging Manager Toolkit,” which is a comprehensive package of documents designed for private equity and venture capital managers that want to start fundraising quickly and attract qualified limited partner capital from ILPA members. The “star” of the toolkit is ILPA’s model limited partnership agreements.
 

Scott Peterman and Sook Young Yeu will “walk through” the key provisions of ILPA’s new model limited partnership agreements over the following two sessions.
 

Session 1: Let's Talk About the Basics
 

Wednesday, 24 February 2021
1:00 P.M. – 2:00 P.M. HKT
 

This session will cover:
 

• Current trends and hot issues in private equity fund terms

• Goals of ILPA’s Model LPAs

• Introduction to waterfalls

• Carried interest pressure points

• Which “pref” do you prefer?
   

Click here to register for Session 1.
 

Session 2: Building on the Basics 
 

Wednesday, 3 March 2021
1:00 P.M. – 2:00 P.M. HKT
 

This session will cover:
 

• Clawbacks: the price for early carry

• Who’s crowing about escrow?

• What triggers key person provisions?

• Indemnities

• Parallel funds and sidecars

• Portfolio overlapping

• GP-led secondaries

• Co-investments are a “must have”

• Changing the fund terms

• ESG
   

Click here to register for Session 2.