By Kay Müller (auth.)
Private fairness has develop into a big asset classification for institutional traders. because the asset classification grows and traders get more matured, the talk referring to transparency and governance of personal fairness money has intensified. Fund traders call for extra disclosure from deepest fairness fund managers. Are those calls justified? What info do fund traders desire? How can inner most fairness fund traders deal with their publicity to the asset type successfully?
Kay Müller provides an in-depth research into the tracking actions of institutional traders and explores their info specifications by means of interviewing major eu deepest fairness fund traders. He contrasts those effects with the particular reporting by way of fund managers and divulges crucial info gaps according to a disclosure research of personal fairness fund stories. when you consider that powerful and open communique helps long-lasting and relied on partnerships, those findings supply vital suggestions on the right way to enhance the relationships among traders and fund managers within the deepest fairness industry.
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Extra info for Investing in Private Equity Partnerships: The Role of Monitoring and Reporting
Sample text
This term comprises all respective sub-segments of the asset class such as venture capital or buyout investments. Where it is appropriate and necessary to emphasize further distinctions, these sub-segments of private equity are explicitly mentioned. 38 These investors have different opportunities to gain exposure to private equity. This is outlined in Figure 2. Direct investments Individual or institutional investor Portfolio company 1 Indirect investments 2 2 Individual or institutional investors 3 Private equity funds as intermediaries Portfolio companies 3 4 4 n n ..
G. 5%,135 with a certain fee base. 136 Investors need to analyze and monitor the possible incentives for fund managers resulting from the management fee. Increasing fund sizes or the management of multiple funds may lead to excessive surpluses on the management fee. As the management fee income is independent on the effort of the fund managers, moral hazard problems as described earlier may arise. High fee income may decrease the motivation of the fund managers to earn the performance depending carried interest.
However, only a few private equity funds are listed. 53 A detailed discussion of the legal and tax structures of private equity partnerships in different jurisdictions goes beyond the scope of this analysis. Only the key aspects of a limited partnership are explained in general. These aspects, however, apply under various legal structures. S. private equity partnerships see for example Levin (2002). 54 See Hagenmüller (2004), p. 18. The general partner’s contribution is intended to align interest between the partners.