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Updated in [October 18th, 2023]

What does this course tell? (Please note that the following overview content is from the original platform) For any Alternative Investment Fund Manager (AIFM), whether managing an open-end fund such as a Hedge Fund or a closed-end fund such as aPrivate Equity fund (including Venture Capital), common provisions include:- Fees charged (including the usual management and performance fee - the "carry" in closed-end funds such as in Private Equity);- Reporting frequency and structure;- Fund extensions and restructurings;- For closed-end funds, interest sales governance (for secondaries sales);- Rules regarding capital commitments - and in the case of closed-end funds, the equalisation process;- The role of the management team's commitment;- Key-person events and GP team devotion;- GPindemnification and exculpation rights;- Rules regarding the raising of successor funds for closed-end funds;Although many of these are usually redacted and/or verified by legal experts, it's important for any fund manager to have a basic knowledge of these provisions - both to effectively negotiate when closing new investors, but also to take into account during the fund management process.Besides fund managers, these provisions are also important for anybody with a significant role in a fund in Alternative Investments, including associates or more senior VPs and principals that wish to one day start their own fund, or that have just been admitted into the carry vehicle and want to know more about the nuances of a fund's provisions. We considered the value of this course from many aspects, and finally summarized it for you from two aspects: skills and knowledge, and the people who benefit from it: (Please note that our content is optimized through artificial intelligence tools and carefully reviewed by our editorial staff.) What skills and knowledge will you acquire during this course? During this course on Common Provisions in Alternative Asset Management, participants will acquire the following skills and knowledge: 1. Understanding of fee structures: Participants will learn about the various fees charged in alternative asset management, including management fees and performance fees (commonly known as "carry" in closed-end funds like Private Equity). 2. Reporting frequency and structure: Participants will gain knowledge about the reporting requirements in alternative asset management, including the frequency and structure of reporting to investors. 3. Fund extensions and restructurings: Participants will learn about the provisions and processes involved in extending or restructuring a fund, including the legal and operational considerations. 4. Interest sales governance: For closed-end funds, participants will understand the rules and governance surrounding secondary sales of interests in the fund. 5. Capital commitments and equalisation process: Participants will acquire knowledge about the rules and processes related to capital commitments in both open-end and closed-end funds, with a specific focus on the equalisation process in closed-end funds. 6. Management team's commitment and key-person events: Participants will learn about the importance of the management team's commitment to the fund and the implications of key-person events on the fund's operations. 7. GP indemnification and exculpation rights: Participants will gain an understanding of the indemnification and exculpation rights of the general partner (GP) in alternative asset management. 8. Raising successor funds for closed-end funds: Participants will learn about the rules and considerations involved in raising successor funds for closed-end funds. Overall, this course will provide participants with a basic knowledge of the common provisions in alternative asset management, enabling them to effectively negotiate with investors and navigate the fund management process. This knowledge is valuable for fund managers, associates, VPs, and principals in the alternative investment industry. Who will benefit from this course? This course will benefit Alternative Investment Fund Managers (AIFMs) who manage open-end funds like Hedge Funds or closed-end funds like Private Equity funds, including Venture Capital. It is important for fund managers to have a basic knowledge of common provisions such as fees charged, reporting frequency and structure, fund extensions and restructurings, interest sales governance, rules regarding capital commitments and equalisation process, the role of the management team's commitment, key-person events and GP team devotion, GP indemnification and exculpation rights, and rules regarding the raising of successor funds. Additionally, individuals with significant roles in Alternative Investment funds, such as associates, senior VPs, and principals who aspire to start their own fund or have recently been admitted into the carry vehicle, will also benefit from understanding these provisions.

Course Syllabus

Introduction

Economics

Strategy and Mandate

Commitments

Structure and Governance

Side Letter Terms

Outro

Bonus Lecture

Sampler: Fundamentals of HFs

Sampler: Executive Presence in Institutional Fundraising/Sales

Sampler: Fundamentals of PE

Sampler: Fundamentals of PD