Fund Structuring

What is it?

Invest Europe's Fund Structuring course aims to help private equity and venture capital professionals choose the right structure for their fund.

The following aspects will be covered:

• Key objectives in structuring a private fund: how to go about delivering a structure that is tax neutral, flexible, and well understood by the market.
• The main structures available: the pro's and cons' of limited partnerships, corporate and other fund structures; why are parallel funds and master-feeder structures used? How do you make the right choice between different vehicles in different jurisdictions? What are the marketing restrictions that apply to different structures?
• Impact of the new regulatory landscape: does AIFMD mean it’s better to be onshore or offshore? Has it become harder to market to European LPs? Role of the depositary; Rules on remuneration of senior staff.
• Impact of new tax requirements: recent changes affecting carried interest schemes as well as the impact on funds of changes targeting perceived tax avoidance.
• Key fund terms: a look at the most important provisions of the limited partnership agreement from the perspective of both the GP and the LPs (including: key man protections, GP removal, early termination of the fund, role of the Advisory Committee, the distribution waterfall, claw back from LPs, claw back from the GP, management fees and fee offsets, transfers of LPs interests, indemnification, successor funds and co-investments).
• Market trends: early bird and other fee discounts, so-called 'deal-by-deal' funds, no-fault LP rights, internalisation of operations and fee/expense disclosures.
• Fundraising steps: teasers, PPMs, AIFMD disclosures, side letters (including 'most favoured nations' clauses) and closing process.