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PE Firms Finding New Partners As Club Deals Climb

March 13, 2019, Law360

Sergio Urias and Amy Wollensack are quoted in Law360 regarding the increase in private equity firms partnering with sovereign wealth funds and pension funds in club deals.

 

Mr. Urias says, “You spend a lot of time talking about and negotiating exit provisions — when do you go public? Can you sell down? What happens to your governance rights when you start to sell down? The structuring around how you are going to exit the investment is key and sometimes challenging.”

 

Ms. Wollensack says, “Over the last couple of years, we've been seeing these types of deals with increasing frequency. A lot of times LPs join with GPs, which gives LPs a great opportunity to get more involved in the deal, and for GPs, it makes a lot of sense because it helps share the risk among a broader group” She adds, “For non-U.S. traditional LPs, co-investing — whether it's a GP of a fund you are investing in, or just another PE fund — is a great way to break into the U.S. market.”

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