As Paul Weiss discovered in its informal survey of approximately three dozen major recent private equity (PE) fund launches, sponsors are shifting focus to an array of secondary topics, such as succession planning and generating liquidity by selling minority stakes in their firms. At a recent Alternative Asset Management General Counsel Luncheon hosted by Brian T. Davis and Dimitri G. Mastrocola, partners at international recruiting firm Major, Lindsey & Africa (MLA), Paul Weiss partners Marco V. Masotti, Matthew B. Goldstein, Conrad van Loggerenberg and Lindsey L. Wiersma framed the survey results in the context of broader trends they saw in the PE market. This second article in a two-part series explores an array of issues cropping up in the PE landscape, including potential competition from family offices and the mixed success of initiatives proffered by the Institutional Limited Partner Association. The first article
detailed concessions investors have procured with respect to PE fund management fees and distribution waterfalls. For recent trends in fees and expenses, see “Study Shows PE Managers Are Absorbing a Greater Portion of Expenses (Part One of Two)
” (Mar. 19, 2019); and “ACA 2018 Compliance Survey Covers Fees, Expenses and Custody (Part Two of Two)
” (Dec. 20, 2018). For coverage of a prior program hosted by MLA, see our two-part series featuring commentary from former SEC attorneys: “Chair Clayton’s Priorities and the Current Enforcement Climate
” (Dec. 7, 2017); and “Current Regulatory Climate, Adviser Examinations and the Enforcement Referral Process
” (Dec. 21, 2017).