During the last few years, general partner-led secondary transactions have evolved and are no longer just associated with GPs trying to dispose of lingering assets that have become hard to sell. Increasingly, GP-led secondaries are used to create for both PE fund sponsors and their LPs liquidity solutions with more attractive valuations than regular dispositions of funds’ assets. In a PE Hub Canada feature article, Torys LLP Partners Venera Ziegler, Scott Semer and Andrew Beck and Senior Associate Batya Nadler look at key issues associated with GP-led secondary transactions as well as related guidelines released by the Institutional Limited Partners Association for sponsors and LPs.
Earlier than what has been typical in other years, on December 20, 2019, the SEC’s Office of Compliance Inspections and Examinations (OCIE) released its examination priorities for 2019 showing its continuing focus on the private funds industry. The topic is crucial for North American investors and private fund sponsors alike. In a PE Hub Canada feature article, Torys LLP Partner Venera Ziegler, Counsel Christopher Caparelli and Partner Andrew Beck discuss key highlights of OCIE 2019 examination priorities and other notable areas of SEC focus. Additionally, they provide some reminders of annual reporting obligations applicable to private fund sponsors.