Robinson Bradshaw

Topic: Governance

LP Co-Investments: Benefits, Risks, and Deal Points

Co-investments play an important role in alternative asset investments. A “co-investment” generally is a portfolio company investment made by an institutional investor, at its discretion, alongside a sponsor’s “blind pool” investment fund. This post describes some benefits and risks of co-investments, both to investors and sponsors, and some of the commonly negotiated terms. Co-investments offer […]

Does a Private Fund Need a PPM?

The short answer is no. A private investment fund (whether a venture capital fund, private credit fund, private equity fund, hedge fund, fund-of-funds or other type of non-registered fund) is not legally required to have a private placement memorandum or other offering document. Producing a high-quality PPM takes a material amount of time, work and […]

NAV Loans in Private Funds: Considerations for Managers and Investors

Loans to private investment funds based on the net asset value of their respective portfolio investments (that is, total assets of such a fund less its liabilities) have become dramatically more popular in recent years, as have similar arrangements structured as senior equity rather than debt. NAV loans have existed for more than a decade, […]

Adviser-Led Secondaries and the SEC’s New Private Adviser Rules

On August 23, 2023, the United States Securities and Exchange Commission (the “SEC” or “Commission”) adopted rules and rule amendments (the “PFA Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”)1 that impose new requirements and obligations on investment advisers to private funds. In our prior blog posts on the PFA Rules, we […]