DOCSLIB.ORG

Family Offices Get Back to Their Roots with Club Deals

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Family Offices Get Back to Their Roots with Club Deals Family offices get back to their roots with club deals Experts highlight the strong growth in family co-investments to avoid high PE fees, engage the next generation and utilize wealth creation skills By Jason Bisnoff, February 13th 2019 Family offices are increasingly participating in club deals, direct investments entered into with other families, as a means of engaging the next generation, circumventing private equity fees and getting back to their roots in wealth creation. The 2018 Family Office Benchmarking report, a study conducted by Northern Trust and the Wharton Global Family Alliance, found that 42% of families participated in a club deal during 2017. The Family Office Exchange’s 2018 Global Investment Survey found that family offices had nearly the same allocation to private equity funds and direct investments, 7% and 6%, respectively. “Families’ interest in investing directly in operating businesses is a significant trend that is accelerating,” FOX Managing Director Kristi Kuechler said. In response to the rise of club deals, FOX has established a direct investing network in which 150 families and family offices are able to meet and connect to review or solicit deals, complete with an online deal platform. “Ten or 15 years ago, few families actively co-invested with other families directly in operating businesses. Families continue to seek more opportunities to leverage other family’s alpha in the sector in which they built an operating business and that they know well. We see families actively seeking to connect with other families and do club deals around private capital,” she added. The old thought process featured allocation procedures more aligned to an “endowment model,” according to Kuechler, with large diversified portfolios actively managed in alternative asset classes. The rise of this ‘club’ model owes to the similar approaches and goals shared by many family offices, according to McDermott Will & Emery Partner Jake Townsend. “Groups of family offices that have a common investment thesis or strategic or operational resources might find themselves creating their own set of club deals they’d regularly be going to the market with, under a common investment approach, such as a longer holding period or other growth desires.” The recent rash of club deals comes from a realization that the distinguishing factor of a family office is that usually somewhere along the way a member of the family grew a very successful operating business. These club deals also offer the chance to get more engaged again in wealth creation, rather than relying on external managers. The increasing proclivity of club deals has raised the credibility of family offices in direct deal situations, and follows a loss of faith in external managers, concerns over the long-term costs of private equity fund fees, and often a desire to reengage with their history of running businesses themselves, according to Northern Trust Global Family Office President Dave Fox. “They may prefer to invest with another family with similar goals and time horizons, rather than a private equity firm with lots of different institutional investors with differing goals. The sophistication level inherently embedded in these family offices allows them to bypass the traditional network and go directly into transactions and be confident they know what they are doing,” Fox said. Real estate model Many of these club deals feature multiple families but there is often a family that takes the lead and has expertise in the sector. Historically this model has been prevalent in real estate. “The real estate model is transferring to how families are investing in operating businesses. Some families want to take the lead role -and source and diligence the deal – while others want to take the second seat, and have a more passive role,” Kuechler said. Cresset Family Office Founder and Co-Chairman Eric Becker said that over his 30 years in wealth management, the club business model has gone from a rarity to being increasingly prevalent, and agrees that many families are now following a model traditionally used with real estate deals in other sectors. “The most recent emergence comes with families banding together to go do deals. It really is great for business owners because there is a new category of buyers and good for the family offices because it adds more scale and operational capacity,” Becker said. From the perspective of the families, the impetus for club deal direct investments is being driven by a frustrating managed portfolio expected return environment, a desire for more control, especially around the entry and exit of an investment, wanting to hold an asset with no management fee for a private equity general partner, and circumventing the carried interest payment when they sell the asset. There are also non-financial appeals, including, as previously cited, jumpstarting wealth creation and increasing engagement from the next generation. Many club deals offer an opportunity for a family member to sit on a board or be actively involved in management of a business. This is a meaningful benefit for many families. “It’s also about investing deal by deal rather than in a fund pool, which can potentially get better returns. They can capitalize on family connections to help build the business,” Fox said. “Often times, this is how families made their original money. If the market can’t bring the returns they are looking for, why not go back to their original knitting where they created their wealth to begin with.” Impact investing can also spur club deals where investing in or operating a business can serve a social purpose aligned with a family’s values. “Families who have built successful enterprises will continue to seek wealth creation through building growing companies. At the same time, much of this trend is fairly cycle dependent and it will be interesting to see if the appetite for direct investment continues during a market downturn,” Kuechler questioned. Family offices are attracted to work with other families when they have similar strategies and time horizons, matches in approach that are tough to find across funds with multiple investors. Specifically when it comes to timelines, family offices can look out 10 to 20 years, which a private equity firm is unlikely to do. “The front-end benefits are being like-minded on time horizon, being helpful with management and then banding together to help with deal expenses but there are many more benefits,” Becker added. “Post-closing there is help from operational expertise within industries in which the family is familiar. There are many reasons why this is growing from expertise to operating knowledge and this emerging category is really good for the marketplace.” This new arena will also receive the support of investment banks, Becker said, who will offer servicing around the sales process. “They have become a much more credible source and are getting more inbound phone calls from advisers hired from these private businesses to sell themselves because they have become more credible buyers in the marketplace,” Fox added. Private deals can be tough to find, forcing family offices to react quickly. Families are getting involved earlier on in the potential sales process, realizing that they can put their money to work quicker than larger firms or big PE funds that have more rigid restrictions, according to Fox, who said that they are pairing that freedom to act with their different levels of expertise. Private equity reaction While these deals clearly compete with private equity, they have not eaten into that business model as of now, according to Becker. Private equity funds have responded to this encroachment by being more demonstrative about their value proposition and potential value add for business owners. Business owners will have a clear demarcation in their choice when it comes to time horizons and hold periods. “Generational families have the ability to own a business for a decade, while most of private equity can’t do that. So far I’ve seen it more as a choice and strategic approach for the business to decide which fit is better,” Becker added. “Some families will find themselves stretched with not having the resources of PE and needing this club environment and some families will test it a bit on capacity as the trend continues. There will be some great success stories and you will see the further emergence of a support network for families.” For business owners, these new potential partners will be an attractive option, as a potential investor with a long time horizon, instead of the quarterly reports of going public or the time cycle and profit pressures of PE funds. “A lot of folks enjoy investing in this manner because you are buying a business versus a fund and families find it is a good way to engage the next generation and use the skills they built up. I see it getting bigger and bigger,” Fox added. Article re-print purchased from Fund Intelligence https://fundintelligence.global/wealth-management/news/family- offices-get-back-to-their-roots-with-club-deals/ .
Load more

Recommended publications
  • The Rise of Private Equity Media Ownership in the United States: a Public Interest Perspective
    City University of New York (CUNY) CUNY Academic Works Publications and Research Queens College 2009 The Rise of Private Equity Media Ownership in the United States: A Public Interest Perspective Matthew Crain CUNY Queens College How does access to this work benefit ou?y Let us know! More information about this work at: https://academicworks.cuny.edu/qc_pubs/171 Discover additional works at: https://academicworks.cuny.edu This work is made publicly available by the City University of New York (CUNY). Contact: [email protected] International Journal of Communication 2 (2009), 208-239 1932-8036/20090208 The Rise of Private Equity Media Ownership in the United States: ▫ A Public Interest Perspective MATTHEW CRAIN University of Illinois, Urbana-Champaign This article examines the logic, scope, and implications of the influx of private equity takeovers in the United States media sector in the last decade. The strategies and aims of private equity firms are explained in the context of the financial landscape that has allowed them to flourish; their aggressive expansion into media ownership is outlined in detail. Particular attention is paid to the public interest concerns raised by private equity media ownership relating to the frenzied nature of the buyout market, profit maximization strategies, and the heavy debt burdens imposed on acquired firms. The article concludes with discussion of the challenges posed by private equity to effective media regulation and comparison of private equity and corporate media ownership models. The media sector in the United States is deeply and historically rooted in the capitalist system of private ownership. The structures and demands of private ownership foundationally influence the management and operation of media firms, which must necessarily serve the ultimate end of profitability within such a system.
    [Show full text]
  • Deal of the Week: Permira/C.P.P.I.B. to Buy Informatica for $5.3B
    Deal of the Week: Permira/C.P.P.I.B. to Buy Informatica for $5.3B Announcement Date April 7, 2015 Acquirer Permira (PE firm) and the Canada Pension Plan Investment Board Target Company Informatica Corporation (NASDAQ: INFA) Target Description Provides enterprise data integration software and services worldwide Founded in 1993 and headquartered in Redwood City, CA Target Financial Mkt Cap: $5.2 billion LTM EBITDA: $195.6 million Statistics EV: $4.3 billion LTM EV / Revenue: 4.1x LTM Revenue: $1.1 billion LTM EV / EBITDA: 22.0x Price / Consideration Price: $5.3 billion Consideration: Cash Acquirer Advisors Bank of America Merrill Lynch, Goldman Sachs, Macquarie Capital and Union Square Advisors Target Advisor Qatalyst Partners Rationale “Informatica is an outstanding company and a clear leader in the essential field of enterprise data solutions,” Brian Ruder, a Permira partner, said in a statement. “We are very excited about the company’s ongoing transition to cloud and subscription‐based services, as well as its continued pursuit of four separate billion‐dollar market opportunities in cloud integration, master data management, data integration for next‐generation analytics, and data security.” “After careful consideration and deliberation of strategic alternatives, our board of directors unanimously concluded that the sale of Informatica to the Permira funds and C.P.P.I.B. is in the best interest of all Informatica stakeholders,” Sohaib Abbasi, Informatica’s chairman and chief executive officer, said in a statement. “While delivering immediate compelling value to our shareholders, we remain committed to the long‐term success of our customers, partners, and employees.
    [Show full text]
  • TPG Capital - Wikipedia, the Free Encyclopedia Page 1 of 6
    TPG Capital - Wikipedia, the free encyclopedia Page 1 of 6 TPG Capital From Wikipedia, the free encyclopedia TPG Capital (formerly Texas Pacific Group) is one of the largest private equity TPG Capital investment firms globally, focused on leveraged buyout, growth capital and leveraged recapitalization investments in distressed companies and turnaround situations. TPG also manages investment funds specializing in growth capital, venture capital, public equity, and debt investments. The firm invests in a broad range of industries including consumer/retail, media and telecommunications, industrials, technology, travel/leisure and health care. Type Private The firm was founded in 1992 by David Bonderman, James Coulter and William S. Industry Private equity Price III. Since inception, the firm has raised more than $50 billion of investor Predecessor Texas Pacific Group commitments across more than 18 private equity funds.[1] (s) Founded 1992 TPG is headquartered in Fort Worth, Texas and San Francisco, California.[2] The company has additional offices in Europe, Asia, Australia and North America. Founder(s) David Bonderman James Coulter William S. Price III Contents Headquarters Fort Worth, Texas San Francisco, California, U.S. ◾ 1 Private equity funds Products Leveraged buyouts, Growth capital, ◾ 2 History and notable Investments Venture capital ◾ 2.1 Founding Total assets $48 billion ◾ 2.2 Texas Pacific Group in the late 1990s ◾ 2.3 Texas Pacific Group in the early 2000s Website www.tpg.com ◾ 2.4 TPG and 2006-2007 Buyout Boom (http://www.tpg.com) ◾ 2.5 TPG and the Credit Crisis ◾ 2.6 Post Recession Activity ◾ 3 Newbridge Capital ◾ 4 Recognition ◾ 5 Notable employees ◾ 6 References ◾ 7 External links Private equity funds TPG has historically relied primarily on private equity funds, pools of committed capital from pension funds, insurance companies, endowments, fund of funds, high net worth individuals, sovereign wealth funds, and from other institutional investors.
    [Show full text]
  • Structuring Private Equity Co-Investments and Club Deals: Risks and Opportunities for Sponsors and Investors
    Presenting a live 90-minute webinar with interactive Q&A Structuring Private Equity Co-Investments And Club Deals: Risks and Opportunities For Sponsors and Investors Choosing the Right Investment Structure, Negotiating Key Deal Terms, and Navigating Tax and Regulatory Ramifications THURSDAY, OCTOBER 13, 2016 1pm Eastern | 12pm Central | 11am Mountain | 10am Pacific Today’s faculty features: Alex Gelinas, Partne, Sadis & Goldberg, New York Steven Huttler, Partner, Sadis & Goldberg, New York Daniel G. Viola, Partner, Sadis & Goldberg, New York The audio portion of the conference may be accessed via the telephone or by using your computer's speakers. Please refer to the instructions emailed to registrants for additional information. If you have any questions, please contact Customer Service at 1-800-926-7926 ext. 10. Tips for Optimal Quality FOR LIVE EVENT ONLY Sound Quality If you are listening via your computer speakers, please note that the quality of your sound will vary depending on the speed and quality of your internet connection. If the sound quality is not satisfactory, you may listen via the phone: dial 1-888-450-9970 and enter your PIN when prompted. Otherwise, please send us a chat or e-mail [email protected] immediately so we can address the problem. If you dialed in and have any difficulties during the call, press *0 for assistance. Viewing Quality To maximize your screen, press the F11 key on your keyboard. To exit full screen, press the F11 key again. Continuing Education Credits FOR LIVE EVENT ONLY In order for us to process your continuing education credit, you must confirm your participation in this webinar by completing and submitting the Attendance Affirmation/Evaluation after the webinar.
    [Show full text]
  • On the Upswing
    page 24 private equity private international equity international july/august 2011 privately speaKing On the upswing One year on from fl oating its management company and 35 years after its founding, Kohlberg Kravis Roberts continues to aggressively expand and refi ne its franchise. In a rare in-depth interview, co-founder George Roberts discusses both the fi rm’s and private equity’s ongoing evolution as they move past credit crisis ‘hiccups’ and closer to maturity. ‘Investors are starting to realise this is the best performing asset class they have,’ he tells Amanda Janis photography by marK byron july/august 2011 private equity international page 25 aiting for a meeting at Kohlberg Kravis Roberts’ NewYork headquarters, you’re unlikely to get bored. Perched high above West 57th Street with dramatic floor-to-ceiling win- Wdows, the office has breathtaking views of Central Park and Manhattan. The interior is equally grand – traditional dark wood accents are offset by an eclectic modern art collection. Massive paintings of knees, clowns and clocks (by Francis Alys, Cindy Sherman an Edward Ruscha, respec- tively) were just a few of the items encountered while waiting for one of the private equity industry’s most renowned and influential people: George Roberts. KKR’s 67-year-old co-founder, co-chairman and co-CEO has long called California home and is based in the firm’s Menlo Park office. On this occasion he had flown to NewYork for PEI’s and the UN PRI’s Responsible Investment Forum. Scheduled to give the opening keynote address at the forum on the following morning, Roberts begins our meeting by asking for input on what the audience might want him to discuss.
    [Show full text]
  • GAO-08-885 Private Equity
    United States Government Accountability Office Report to Congressional Requesters GAO September 2008 PRIVATE EQUITY Recent Growth in Leveraged Buyouts Exposed Risks That Warrant Continued Attention GAO-08-885 September 2008 PRIVATE EQUITY Accountability Integrity Reliability Recent Growth in Leveraged Buyouts Exposed Risks Highlights That Warrant Continued Attention Highlights of GAO-08-885, a report to congressional requesters Why GAO Did This Study What GAO Found The increase in leveraged buyouts Academic research that GAO reviewed generally suggests that recent private (LBO) of U.S. companies by private equity LBOs have had a positive impact on the financial performance of the equity funds prior to the slowdown in mid-2007 has raised questions acquired companies, but determining whether the impact resulted from the about the potential impact of these actions taken by the private equity firms versus other factors is difficult. The deals. Some praise LBOs for research also indicates that private equity LBOs are associated with lower creating new governance employment growth than comparable companies. However, uncertainty structures for companies and remains about the employment effect—in part because, as one study found, providing longer term investment opportunities for investors. Others target companies had lower employment growth before being acquired. criticize LBOs for causing job Further research may shed light on the causal relationship between private losses and burdening companies equity and employment growth, if any. with too much debt. This report addresses the (1) effect of recent Private equity firms have increasingly joined together to acquire target private equity LBOs on acquired companies and employment, (2) companies (called “club deals”).
    [Show full text]
  • The Debevoise & Plimpton Private Equity Report, Winter 2003
    Private Equity Report What’s Inside Volume 3 Number 2 Winter 2003 Questions to Ask Before You Join a Club Shark Repellants That Can Bite page 3 Despite the recent flurry of large transactions in which a consortium of private equity firms have Private Equity and the teamed up to make joint bids and acquisitions, “club deals” themselves are not breaking news. Proposal to Exclude Dividends In fact, they have been a staple of small- and middle-sized private equity M&A transactions for From Income page 4 years. Recently, however, there has been a growing trend toward large club deals with enterprise How to Ensure that Your 1 values over $1 billion. Due to their size, complexity and, often, international dimension, these Special Committee is Special transactions have generated considerable attention in the business press and have prompted much page 5 discussion among private equity professionals and the limited partners whose money they manage. A Comparison of U.S. and UK Private Equity Funds page 6 The increased number of very large club increase its chances of acquiring an interest transactions arises from a number of in a “prized property” that it would otherwise Guest Column: factors, including the tremendous growth not have sufficient equity to obtain. In What’s Good for the Goose… in the availability of private equity capital addition, sharing judgments about valuation Turning the Due Diligence and the popularity of auctions in the sales and limiting the other number of compe- Spotlight on Sponsor process. Even more importantly, perhaps, titors are added benefits of being part of Infrastructure page 8 because of difficulties in the debt markets, a club bid.
    [Show full text]
  • Alternative Lender Deal Tracker Editorial Team
    Direct lenders deployment keeps pace with exponential fundraising Deloitte Alternative Lender Tracker Autumn 2019 Financial Advisory This issue covers data for the fi rst half of 2019 and includes 178 Alternative Lender deals. While this represents a 3% decrease in the number of deals on an LTM basis, the average deal value more than off sets this as evidenced by the strong growth in deployment. Deloitte Alternative Lender Deal Tracker editorial team Floris Hovingh Andrew Cruickshank Shazad Khan Tim Mercorio Partner Director Manager Assistant Manager +44 (0) 20 7007 4754 +44 (0) 20 7007 0522 +44 (0) 20 3741 2051 +44 (0) 20 7007 6841 [email protected] [email protected] [email protected] [email protected] Deloitte Alternative Lender Deal Tracker Autumn 2019 | Contents Contents Deloitte Alternative Lender Deal Tracker Introduction 02 Alternative Lending in action: Case study 06 Alternative Lending in action: This time it's different 10 Alternative Lender Deal Tracker H1 2019 Deals 13 Direct Lending fundraising 20 Insights into the European Alternative Lending market 32 Deloitte Debt and Capital Advisory 43 © Deloitte Alternative Capital Solutions 01 Deloitte Alternative Lender Deal Tracker Autumn 2019 | Deloitte Alternative Lender Deal Tracker H1 2019 Data Introduction Deloitte Alternative Lender Deal Tracker Introduction In this twenty-second edition of the Deloitte Alternative Lender Deal Tracker, we report that in the 12 months to the end of the fi rst half of 2019, there was a 3% decrease in Alternative Lending deals compared to the previous year. However, the average deal value more than off sets this as evidenced by strong growth in deployment.
    [Show full text]
  • Crowdfunding and Fintech: Business Model Sharia Compliant
    Crowdfunding and Fintech: business model sharia compliant Paolo Pietro Biancone*, Silvana Secinaro*, Kamal Mohamad* *University of Turin, Italy. Abstract: Focus on a concrete project, share the results, contain the risk. These are some of the precepts of Islamic finance. But they are also the cornerstones of crowdfunding. This is why this form of financing is cutting out its space. With an extra pillar: no interests. The resources are still limited, but the Muslim crowdfunding ecosystem is diversifying: from the most basic reward based to social lending, with an eye to the fintech. FinTech refers to technofinance or financial technology, that is to say the supply of services and financial products provided through the most modern technologies made available to ICT. The services provided by FinTech are essentially those of traditional finance: therefore, from simple transactions to payments, to brokering and risk management, typical and exclusive of this sector are the activities linked to electronic currencies such as, for example, the Bitcoin. Key-words: Crowdfunding, Fintech, Islamic Finance 1.INTRODUCTION The Crowdfunding is a collaborative process of a group of people who use their money in common to support the efforts of people and organizations using the Internet sites. It is a bottom-up microfinance practice that mobilizes people and resources. The term crowdfunding derives its origin from crowdsourcing or collective development of a product. It can refer to initiatives of any kind, from financing an entrepreneurial project to supporting art and cultural heritage, to innovative entrepreneurship and scientific research. Collective financing is often used to promote innovation and social change, breaking down the traditional barriers of financial investment.
    [Show full text]
  • BOOK of JARGON
    The BOOK of JARGON The Latham & Watkins Glossary of Corporate and Bank Finance Slang and Terminology First Edition Latham & Watkins operates as a limited liability partnership worldwide with an affiliated limited liability partnership conducting the practice in the United Kingdom, France and Italy. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding our conduct under New York’s Disciplinary Rules to Latham & Watkins LLP, 885 Third Avenue, New York, NY 00-4834, Phone: +..906.00. © Copyright June 008 Latham & Watkins. All Rights Reserved. The purpose of this publication is to assist the newest members of the finance community in learning to talk the talk of corporate and bank finance. It is intended to be a sort of “Berlitz Course” for recent law school and business school graduates seeking initiation into the world of Wall Street, and a desktop reference for not-so-recent graduates. In this book, you will find the key to the secret verbal handshakes that make up the code of the Wall Street finance community. While this publication is prepared on the basis of US law and practice, we believe it may be of interest to those involved in finance in the City of London or the other financial centers of the world. Once you know the code, you are well on your way to becoming a full-fledged member of the community. Welcome to our world.
    [Show full text]
  • Private Equity Club Deals: Value Creation, Competition and Collusion Motives
    ERASMUS UNIVERSITY ROTTERDAM ERASMUS SCHOOL OF ECONOMICS MSc Economics & Business Master Specialisation Financial Economics Private Equity Club Deals: Value Creation, Competition and Collusion Motives Author: Linda Pasi StuDent number: 531637 Thesis supervisor: Yashvir Gangaram Panday, MSc Second assessor: Jan Lemmen, PhD Finish date: 2nd August 2020 Preface and Acknowledgments September 2019 and the Master’s introduction day feel so far away now. Never I would have thought I would have been writing my Master’s Thesis from an apartment in London, quarantined with my boyfriend. Courtesy of the coronavirus pandemic. Never I would have guessed that, after nearly four years, my farewell with The Netherlands would have been so abrupt, leaving the country in March on one of the last available outgoing flights. Gel sanitiser at hand and Schiphol Airport deserted. Now more than ever, I feel proud of who I become after these past four years. Friends and universities played a crucial role in forging me into the person I am today. In particular, during this year at the Erasmus University Rotterdam I personally and academically grew tremendously. I would not be here today with my accomplishments without the support of the professors of the Erasmus University Rotterdam and my supervisor Yashvir Gangram Panday, who I wish to thank, and of family and friends. Specifically, I would like to thank my mother, who always supported and believed in me, and her work ethic is of constant inspiration. I also would like to thank my boyfriend, who pushed an insecure 19-year-old me into believing in herself. Finally, I would like to thank all the friends I made in Amsterdam, Paris, and Rotterdam, who now represent a fundamental part of my life.
    [Show full text]
  • Contents • $1 Billion+ Club Deals Have Outperformed Sole-Sponsor Buyouts Over the Past Eight Years
    Taking a Fresh Look at Club DeaIs An analysis of the evolution of multi-sponsored buyouts PitchBook is a Morningstar company. Comprehensive, accurate and hard-to-find data for professionals doing business in the private markets. Credits & Contact Key takeaways Analysts • Club deals are becoming less frequent. Thus far in 2018, they WYLIE FERNYHOUGH Analyst, PE represent 20.1% of all non-add-on leveraged buyouts (LBOs) [email protected] in the US and 16.9% in Europe compared to the 39.8% and DARREN KLEES Data Analyst [email protected] 29.7%—respectively—seen in 2001-2004. Contact PitchBook • Despite several highly publicized failures, club deals are approximately 50% less likely to go out of business or RESEARCH [email protected] bankrupt than sole-sponsor buyouts. Portfolio companies go out of business or file for bankruptcy in 7.2% of club deals compared to 14.5% of sole-sponsor buyouts. Contents • $1 billion+ club deals have outperformed sole-sponsor buyouts over the past eight years. These buyouts tend to see Key takeaways 1 a larger increase in enterprise value, are more likely to undergo recapitalizations (recaps) and utilize significantly more add- Overview 2 ons. State of the market 2-3 The more, the merrier 4-5 Add-on activity 5 Coming and going 6-7 Show me the money 8-9 Implications for LPs 10 and GPs Published on September 25, 2018 COPYRIGHT © 2018 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means— graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc.
    [Show full text]