MJ Hudson’s Fund Terms Research analyses the current terms and conditions of private equity and venture capital funds, comparing the results with the findings of MJ Hudson’s previous research. It discusses both the drivers behind current trends in terms and conditions, as well as the implications for both investors in private equity funds (LPs) and those managing such funds (hereafter referred to in this report as either Managers or GPs). This report aims to provide both LPs and GPs with an enhanced understanding of the current strengths and weaknesses of the fundamental economic, alignment and governance terms impacting private equity fund commitments.
Part III (Governance) (this report) describes the governance of private funds and presents current trends in the key investor protections: GP removal (with cause and without); key person events; change of control provisions; indemnification; conflicts; the role and operation of the Limited Partner Advisory Committee (LPAC); reporting provisions; and the application of the most favoured nation (MFN) treatment.
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