A cocktail hour view on the specter of SEC oversight

If LPs know which firms are hiding improper fees and expenses, and yet nothing has been done until recently when the SEC got involved, then it seems apparent this industry has been in need of some outside influence to bring about meaningful change.

CalPERS Tells PE Firms to Sing Its Tune on Terms

America’s largest and most influential pension fund has laid down the law on all private equity firms hoping to stay in its good graces or land new commitments. The $235 billion California Pubic Employees Retirement System has told private equity firms that from March 1, 2012 forward, they will have to comply with its new ILPA-style terms on capital calls and distributions. Or else.

Reuters: Asia PE Not Cutting Fees Like Global Peers

HONG KONG, April 7 (Reuters) – Growing demand to invest in Asia means the region’s private equity firms are not lowering their management fees, while their peers in the United States and Europe have cut them because of investor pressure, a new survey from Hong Kong-based Squadron Capital showed today. Pension funds and other investors […]

LPs Focused On GP Commitment, Management Fees

It wasn’t necessarily the headline news coming out of the latest (and always excellent) Probitas Partners survey of institutional investors, but deep in the survey report you can learn which partnership terms and conditions LPs are most focused on going into the new year. Altogether more than 180 investors around the world–a mix of funds-of-funds […]

ILPA Appoints Recker Chairman

Institutional Limited Partners Association said Friday that Timothy Recker was appointed the group’s chairman effective Sept. 30. Recker is an MD with the University of California Regents where he is responsible for PE program that has over $5 billion in assets under management. ILPA also appointed John Breen to vice chairman, Jim Pittman to treasurer, Dhvani Shah to chair of the education committee and Michael Mazzola to chair of research, benchmarking & standards committee, according to a statement. ILPA, of Toronto, is a not-for-profit association that serves LP investrs in the PE industry.


Lex Gets Lazy on PE Fee Story

Reading today’s Lex column on private equity, I was reminded of an old Stephen Colbert line about President Bush: “He believes the same thing Wednesday that he believed on Monday, no matter what happened Tuesday.”

The shoddy column was about last week’s sit-down between a group of big buyout firm executives and big pension fund managers, over the issue of fund structure guidelines published last September by the Institutional Limited Partner Association (ILPA).

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