CapGen Sues LPs for Defaulting on Fund Commitments

It seems we finally have a lawsuit related to LP defaults on private equity fund commitments: CapGen Capital Advisors, a New York-based PE firm focused on the financial services sector, is alleging that both Chalice Fund LP and WK CG Investment did the illiquid deed, according to a complaint filed on March 4 in Delawar.

These are very small commitments — just $4.5 million in total — but CapGen wants the remainder paid with interest. Read more in this client alert sent over by law firm Kirkland & Ellis (begins on page 3).