Our Private Equity Group provides trusted counsel derived from deep industry knowledge to established as well as up-and-coming private equity firms. We represent firms of every size across the spectrum of investment strategies, and we build long-standing relationships with our clients. As active participants in the private equity industry, we are able to advise our clients on the latest innovations, as well as current market practices and trends.
Bob Hirsh Quoted on ILPA Private Equity Guidelines
Corporate partner Bob Hirsh was quoted in the August issue of Private Equity Analyst in the article "Revisions Could Be In The Works for ILPA PE Fund Guidelines." The article discusses the ILPA's request to certain general partners for feedback on its Private Equity Principles, a set of guidelines for fund-term negotiations that it published last September. Some general partners feel that the guidelines are too strict and have labeled some of the principles as "unworkable."
Bob commented on one recommendation that has received strong resistance from general partners - that of requiring joint and several clawbacks, or the payment of taxes on clawbacks - stating, "Requiring a pre-tax clawback, especially when the tax rate is likely to go up, will leave a GP without money to give back from the fund."