1 / 8

The Private Equity Analyst: Limited Partners Summit Europe

The Private Equity Analyst: Limited Partners Summit Europe. _____________________________. Disclosure, Valuation Standards: Lessons from the United States. May 18, 2005 Presentation by Thomas A. Beaudoin. AGENDA. Background on Disclosure Debate Recent Legal Developments

hachi
Download Presentation

The Private Equity Analyst: Limited Partners Summit Europe

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Private Equity Analyst:Limited Partners Summit Europe _____________________________ Disclosure, Valuation Standards: Lessons from the United States May 18, 2005Presentation by Thomas A. Beaudoin

  2. AGENDA • Background on Disclosure Debate • Recent Legal Developments • Effect on Current Fundraising Environment • What Next?

  3. Background on Disclosure Debate • Who is disclosing? • Public Plans/Public University Endowments (Open Records Laws) • Publicly Traded Funds of Funds (Exchange Rules) • Non-US Investors (FOIA equivalent statutes) • Unlikely Suspects

  4. Background on Disclosure Debate • Who is asking? • Press • Sellers of Information • Others • What could be disclosed? • Fund-Level Performance Data • Partnership Agreements/Terms • Portfolio Company Data

  5. Recent Legal Developments • California: CFAC vs. CalPERS; Legislative Initiative • Texas: Attorney General Controversy; Texas Growth Fund Lawsuit; Legislative Initiative • Illinois: Legislative Initiative • Legislation Passed in Virginia, Colorado, Michigan, Massachusetts

  6. Recent Legal Developments • UK Legislation • Limited Protection • Lack of Precedents • Requests Made to a Widening Net of LPs • Lack of Predictability: More to Come

  7. Effect on Current Fundraising Environment • Fewer Public Pension Plans in Top-Tier VCs • Detailed Confidentiality Provisions and Side Letters • Define Scope and Use of Information • Permitted Disclosure • Prior Notification and Ability to Contest • Right to Withhold Information • Forced Withdrawal or Transfer Provisions

  8. What Next? • Disclosure of “Stale” Portfolio Company Data • Interrelationship between Disclosure and Valuation • Harmonized Disclosure Standards/Formats • Slow Movement to More Regulated Industry

More Related