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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Banking and Finance

Date & Time
  • event Date

    Thursday, January 16, 2025

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE webinar will explore the evolution and growth of general partner (GP)-led liquidity solutions and the benefits these structures provide for both limited partners and financial sponsors alike. The panel will discuss liquidity strategies at the fund level and portfolio company level, managing conflicts of interest, regulatory considerations, and best practices for navigating these highly bespoke and complex transactions.

Faculty

Ruth Jin
Partner, Leader Private Investment Funds Practice
Moses & Singer LLP

Ms. Jin has 20 years of experience delivering high-quality and business-focused legal solutions to private fund sponsors and asset managers of all sizes and strategies. She has formed, structured, re-structured, and advised numerous private funds. Her work encompasses a variety of matters, including fund formation, regulatory compliance, exit strategies, private and public securities offerings, forming a SPAC, and guiding portfolio companies for their initial public offerings. In addition, Ms. Jin has extensive experience advising businesses through all stages of growth from start-up and capital raising right through to initial public offering and their ongoing securities law compliance and periodic reporting.

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Marina G. Richter
Partner
Arnold & Porter Kaye Scholer, LLP

Ms. Richter’s practice spans a wide range of domestic and cross-border M&A transactions, fund investments, private equity, alternative assets, and venture capital transactions. She regularly represents private equity funds, institutional investors (including major pension funds), sellers and strategic buyers in M&A deals, direct investments, co-investments and JVs. Ms. Richter negotiates complex agreements on both the sponsor and the investor sides and assists asset managers engaged in direct investments and co-investments. Ms. Richter also counsels clients on the formation, structuring, and operation of secondary funds, private equity funds, buyout funds and venture capital funds, the organization of joint ventures, and the negotiation of shareholder, limited partner, and limited liability company agreements. Ms. Richter’s experience spans diverse asset classes in a broad range of industries including infrastructure, technology, healthcare, entertainment, sports and media, energy, and telecommunications. She also advises boards of directors, independent directors, and special committees on corporate matters, including corporate governance, disclosure issues, and corporate compliance.

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Description

In light of tougher market conditions for traditional liquidity strategies, GPs of private equity and venture capital funds have, in recent years, pursued secondary transactions as a popular tool to achieve liquidity and rebalance portfolio holdings. These liquidity strategies are highly customizable solutions that are tailored to the specific needs of the parties.

GP-led transactions are considered the fastest growing segment of private equity, and it is estimated that they now account for roughly half of all secondary transactions. While limited partner (LP)-led transactions typically involve acquiring and replacing existing LPs in primary funds, GP-led transactions are facilitated by the fund manager coordinating either the sale of investors' interests in an underlying fund or transfer of portfolio assets from one vehicle to another. GP-led transactions are often structured around continuation vehicles in which general partners negotiate asset sales directly with secondary buyers while maintaining ownership and control of select companies and investors are given the choice of either selling their stake, transferring it into the continuation vehicle, or doing a combination of both.

The fastest growing type of GP-led liquidity solution is a GP-led single-asset transaction. Other common GP-led structures include strip sales, GP spin-outs, stapled secondary transactions, and GP-led tender offers. Counsel and deal parties must understand and manage the potential conflicts of interest and regulatory considerations with GP-led restructurings to mitigate risks and exposure to liability in the context of these transactions.

Listen as our authoritative panel explores the current trends and developments in GP-led transactions and provides best practices for structuring these deals.

Outline

  1. Growth in the secondaries market
  2. Brief overview of traditional liquidity strategies
  3. GP-led structures, including liquidity strategies at fund level and portfolio company level
  4. Managing conflicts in GP-led transactions
  5. Regulatory considerations
  6. Recent trends and best practices

Benefits

The panel will discuss these and other relevant issues:

  • How have GP-led transactions grown and evolved in recent years?
  • What are common GP-led liquidity structures and strategies?
  • How can conflicts of interest be managed in GP-led transactions?
  • What are the key regulatory considerations relating to GP-led transactions?