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lcrcp3 · 2023年10月05日

如题

NO.PZ2023041004000077

问题如下:

Chen goes on to discuss a number of other fund provisions with Madan. He explains that the no-fault divorce clause, tag-along rights, and hurdle rate all represent benefits to the LP investors, whereas the co-investment provision and placement fees primarily benefit the GP. Is Chen most likely accurate regarding provisions that benefit LPs versus those that benefit GPs?

选项:

A.Yes

B.No, with regard to items that benefit the LPs

C.No, with regard to items that benefit the GPs

解释:

The co-investment provision is generally favorable for LP investors. With this provision, LPs generally have a first right of co-investing along with the GP. This can be advantageous for the LPs because fees and profit share are likely to be lower (or zero) on co-invested capital. The GP and affiliated parties are also typically restricted in their co-investments to prevent conflicts of interest with their LPs. Placement fees are paid to the fundraiser, either up front or as a trailer fee, corresponding to a fraction of the amount invested by the limited partners. A is incorrect. The co-investment provision is generally favorable for LP, not GP, investors. B is incorrect. The items Chen lists as benefits for LP investors are accurate.

nofault,tag,co,placement,请详细解释一下这几个都是什么意思,代表什么情景?用中文说,不要贴英文讲义。

1 个答案
已采纳答案

pzqa35 · 2023年10月06日

嗨,从没放弃的小努力你好:


no-fault divorce clause: 只要超过比例,通常是75%的LP同意换掉GP,那么即使GP没有过失,也要被换掉。所以该条款是对LP有利,对GP不利的。

tag-along rights: 是指随售权,是跟出售公司股权相关的一个权利,当公司的大股东想要出售自己的股权,那必须连同小股东的股权进行同比例的出售,它的目的就是为了保护小股东的利益。这会让LP和GP的利益一致,是对GP和LP都有利的条款。

co-investment provision:GP投资一个项目的金额是存在上限的,比如GP想要投资A项目1500万,但是GP的单个项目投资上限是1000万,那么此时LP直接投资A项目500万,这种情况就是co-investment provision。这相当于是给了LP一个权利,可以和GP一起投资,同时不用交管理费,所以是有利于LP的。

placement fees:是指GP想要募集资金,有可能不是直接去找LP,而是通过中介去募集资金,placement fees就是支付给fund raiser的费用。

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lcrcp3 · 2023年10月06日

非常清楚明了👍🏻

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