News & Events

Partner Lauren King was quoted extensively in an article published by Private Equity Law Report titled, “Launching a Secondaries Platform: Unique Aspects of fund Structuring and Information Sharing Issues (Part Two of Two).” The article, part two of a two-part series, explored potential challenges related to information sharing and reporting in a secondaries fund in contrast to a traditional PE fund and noted certain structural features that PE sponsors branching out into secondaries may not be familiar. With reference to tax considerations, Lauren noted how an LP Stakes Fund may wholly or partially use a blocker vehicle to ensure the most efficient tax outcome for its investors. She further explained how an LP Stakes Fund typically receives a carveout to the confidentiality restriction from the underlying fund, adding that, “Usually it’s more fund-level information and no real confidential information about the underlying portfolio companies.” She contrasted that to the more detailed information about the portfolio company that is often provided by a GP-Led Fund to its investors, especially for single-asset funds.

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