Matthew Hudson

Funds (eBook, PDF)

Private Equity, Hedge and All Core Structures

• Format: PDF

Produktbeschreibung

Investment funds are the driving force behind much global private economic development, and yet the world of investment funds can be complex and confusing. Funds: Private Equity, Hedge and All Core Structures is a practical introductory guide to the legal and commercial context in which funds are raised and invest their money, with examinations of the tax and regulatory background, and an analysis of the key themes and trends that the funds industry face following the financial crisis. The book looks at asset classes, investor return models, the commercial and legal pressures driving different structures and key global jurisdictions for both fund establishment and making investments. It also contains a comprehensive analysis of fund managers, from remuneration, best practice through to regulation. The book is written for readers from all backgrounds, from students or newcomers to the industry to experienced investors looking to branch out into alternative asset classes, or existing asset managers and their advisers wanting to know more about the structures elsewhere within the industry.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 360
• Erscheinungstermin: 30. April 2014
• Englisch
• ISBN-13: 9781118790366
• Artikelnr.: 41047739

Autorenporträt

About the author Matthew Hudson is an entrepreneurial lawyer with over 25 years of Private Equity experience, both as a lawyer and as an investor. Matthew is a well-known industry figure and regularly speaks on new developments concerning the Private Equity industry. Matthew has helped build and manage four of the major Private Equity law firms: * Founder of MJ Hudson * Co-founded the Private Equity Group of SJ Berwin * Re-established the O'Melveny & Myers London office, and chaired the European Private Equity and M&A Practices * Created the Proskauer Rose, London office Further, Matthew has also worked in three Private Equity houses: * Leveraged buy-outs for a group built within CSFB * Founded Far Blue Ventures, the Venture Capital house, backing IP spin-outs from universities * Coller Capital, the global Secondaries firm

Inhaltsangabe

1 Introduction to Funds 1 1.1 Why this book? 1 1.2 Alternative assets 1 1.3
What is a fund? 2 1.4 Categories of funds 3 1.5 Choosing a vehicle 5 1.6
Open-ended and closed-ended fund structures 6 1.7 Contents of this book 8 2
Limited Partnerships - Use in Alternative Asset Funds 9 2.1 Introduction to
limited partnerships 9 2.2 Structure of limited partnership funds 9 2.3
Establishment of the fund 18 2.4 Investing 20 2.5 Commitments by investors
22 2.6 Economics 26 2.7 Governance 31 2.8 Some conclusions 33 3 Hedge Funds
35 3.1 Introduction 35 3.2 Types of hedge fund strategies 35 3.3 Where are
hedge funds located and what are the tax drivers? 39 3.4 Hedge fund
investors 42 3.5 Principal vehicles 43 3.6 Types of hedge fund structures
44 3.7 Establishment of the fund 50 3.8 Management and performance fees 52
3.9 Other key terms 53 3.10 The use of side pockets 55 3.11 Regulation 55
3.12 Some conclusions 56 4 Structural Variants and Alternative Structures
to Chapters 2 and 3 57 4.1 Introduction 57 4.2 Pledge funds 57 4.3 'Combo'
fund structure 58 4.4 Investment clubs 60 4.5 Fund-lites 60 4.6 Top-up,
bridge and side pockets 63 4.7 Managed accounts 63 4.8 Corporate vehicles
66 4.9 Special purpose acquisition companies (SPACs) or cash shells 67 4.10
UK enterprise investment scheme 68 4.11 UK unit trusts 72 4.12 Offshore
alternatives 76 4.13 Jersey property unit trusts 76 4.14 Some conclusions
79 5 Investment-specific Strategies 81 5.1 Introduction 81 5.2 Private
equity/venture capital 81 5.3 Public equities 82 5.4 Bonds 83 5.5 Credit
funds 83 5.6 Shadow banking 86 5.7 Real estate and infrastructure 89 5.8
Energy funds 91 5.9 Commodities funds 92 5.10 Social impact funds 95 5.11
Secondaries funds 96 5.12 Derivatives funds 99 5.13 Currency funds 100 5.14
Hedge fund strategies 101 5.15 Some conclusions 101 6 Stock Markets and
Listed Funds 103 6.1 Introduction 103 6.2 Listings of private funds 103 6.3
UK markets and listed fund structures 105 6.4 New York 121 6.5 Europe 128
6.6 Alternative offshore stock exchanges 131 6.7 Some conclusions 132 7
Principal 'Offshore' Fund Locations 133 7.1 What are the characteristics of
an attractive investment fund location? 133 (A) OFFSHORE CROWN DEPENDENCIES
134 7.2 The Channel Islands 134 7.3 The Isle of Man 139 7.4 Other Channel
Islands 142 (B) SPECIFICALLY REGULATED EU FUND JURISDICTIONS 142 7.5
Ireland 142 7.6 Luxembourg 144 7.7 Malta 147 7.8 Cyprus 150 7.9 Gibraltar
152 (C) REST OF EUROPE 156 7.10 The Netherlands 156 7.11 Switzerland 158
(D) CARIBBEAN AND ATLANTIC 159 7.12 The Cayman Islands 159 7.13 The British
Virgin Islands 162 7.14 Bermuda 164 (E) ASIA 168 7.15 Hong Kong 168 7.16
Singapore 170 7.17 Dubai 172 7.18 Mauritius 173 7.19 Some conclusions 175 8
Principal 'Onshore' Fund Locations 177 8.1 Introduction 177 (A) ASIA 178
8.2 People's Republic of China 178 8.3 Japan 182 8.4 India 184 (B) THE
AMERICAS 186 8.5 Canada 186 8.6 The Federative Republic of Brazil 189 (C)
ONSHORE EUROPEAN JURISDICTIONS 191 8.7 Russian Federation 191 8.8 Germany
193 8.9 France 198 (D) COMMONWEALTH OF AUSTRALIA 200 (E) ISLAMIC INVESTMENT
FUNDS 203 9 Sovereign Wealth Funds, State-sponsored Funds, Pension and
Superannuation Schemes and Charities 209 9.1 Introduction 209 9.2 Sovereign
wealth funds (SWFs) 209 9.3 State-sponsored funds 215 9.4 Pensions 219 9.5
Charities 230 9.6 Some conclusions 233 10 Investment Manager Structures 235
10.1 Introduction 235 10.2 General partner in limited partnership
structures 235 10.3 Regulation of investment managers 236 10.4 Structures
of management vehicles 240 10.5 Investment manager fees 241 10.6
Performance fees and carried interest 243 10.7 Internal economics 244 10.8
External ownership of investment manager groups 246 10.9 Listing of
investment manager groups 246 10.10 Boards and committees of an investment
manager 247 10.11 Manager or adviser 248 10.12 Family offices 249 10.13
Some conclusions 249 11 Taxation Principles in Funds 251 11.1 Introduction
251 11.2 Taxation of funds 251 11.3 Investors 257 11.4 Investment manager
companies 264 11.5 Principals of an investment manager 266 11.6 Some
conclusions 268 12 Regulatory Environment 269 12.1 Introduction 269 12.2 UK
regulatory environment 269 12.3 Financial conduct authority 270 12.4
Prudential Regulation Authority 272 12.5 US regulatory environment 273 12.6
EU regulatory environment - the Alternative Investment Fund Managers
Directive 280 12.7 Other EU regulation 287 12.8 Regulation - some
conclusions for alternative asset fund managers 290 13 Comparisons and
Conclusions 293 13.1 Introduction 293 13.2 Evolving structural drivers 293
13.3 Core structures compared 296 13.4 The paperwork 299 13.5 The actors
299 13.6 The supporting actors 301 13.7 What is trending? 302 Appendix I
Definitions 307 Appendix II Abbreviations 311 Appendix III Acknowledgements
319 Index 327