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Secondary Private Equity Funds: The Perfect Storm
The recent growth and maturity of the private equity market has generated significant secondary market opportunities. In a maturing private equity industry, the secondary market has become increasingly viewed as a tool for private equity portfolio management and a source of liquidity, in a relatively illiquid market.
Historically, approximately 2-3% of all private equity commitments turn over in the secondary market. Over $860 billion of private equity was raised from 1997-2002 (VentureEconomics). Based on this data, Landmark Partners, a dedicated secondary investor, estimates the volume of secondary activity generated from these commitments to approach $22 billion or approximately $2 billion annually over the next decade.
Secondary funds have currently raised nearly $14 billion to buy existing primary investments in private equity funds and direct company investments. Transaction projections, compiled by Colu- mbia Strategy, LLC, estimate that between $6 to $16 billion of secondary deals will be completed by 2006. This “dry powder” represents both opportunities and challenges for buyer and seller alike. This article outlines the unique forces driving the current secondary market and the associated transactional risks and opportunities it presents to the private equity industry.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.