Analysis

Video: SJ Berwin's Blake on fundraising, T&Cs

Source: unquote | 02 Sep 2013 | screening image

A challenging fundraising backdrop hasn't precluded success – in fact a number of GPs are reaching their hard-caps swiftly. Jonathan Blake of SJ Berwin talks to unquote" about varying GP strategies and their impact on terms and conditions

Despite talk of the most difficult fundraising backdrop the market has known, unquote" has recorded myriad fund closes, most above target and many in record time.

"The market is more polarised and less standardised than it's ever been and so it's very interesting," says Jonathan Blake, partner and head of the internatinal funds group at SJ Berwin.

"You have some that are very oversubscribed and so go out with a lot of momentum. Just like we saw at the peak of the market."

He goes on to delineate four distinct categories of funds he sees in the market. The first group reaches its target relatively quickly. The second group reaches its target but it takes quite some time and effort to do so. The third category raises some money, but it takes a long time and is below the GP's targeted amount, while the fourth group either fails to raise or opts to forgo the fundraising trail altogether and simply seeks alternative funding models.

The varying degrees of success are impacting terms. "Terms have remained remarkably stable over 20 years so any change has quite a large impact," Blake says. He goes on to explain that management contribution in funds is moving up from 1% to 2% or even 5%, and that LPs' rights in a key-man breach are being tweaked.

To watch the interview in full, click the player above.

 

Visitor Comments

 

Add your comment

We won't publish your address
By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication.

search unquote.com

Industry news

Applus IPO to value firm at $3.5-4bn

Carlyle-backed Applus has set the price range for its upcoming IPO at €13.25-16.25 per share, giving the firm an enterprise value of $3.5-4bn, a source told unquote".

Southern Europe unquote

| 24 Apr 2014 | secure

CBW launches corporate finance department

CBW launches corporate finance department

UK-based mid-tier accountancy firm Carter Backer Winter (CBW) has launched a new corporate finance department.

UK unquote

| 24 Apr 2014 | secure

KKR to launch bad-loans vehicle with Intesa, Unicredit

KKR, Intesa Sanpaolo and Unicredit have signed an agreement to launch a bad-loans vehicle for corporate loans.

Southern Europe unquote

| 23 Apr 2014 | secure

Intel Capital promotes two to vice president

Intel Capital promotes two to vice president

Intel Capital has promoted Marcos Battisti and Marcin Hejka to vice president.

unquote

| 23 Apr 2014 | secure

Updating your subscription status Loading

People

Odhran Dodd of Carter Backer Winter

Odhran Dodd, Carter Backer Winter

UK-based mid-tier accountancy firm Carter Backer Winter (CBW) has launched a new corporate finance department.

More people news

Marcos Battisti of Intel Capital

Marcos Battisti, Intel Capital

Intel Capital has promoted Marcos Battisti and Marcin Hejka to vice president.

More people news

Steve Back of Emerisque

Steve Back, Emerisque Brands

Emerisque Brands, the retail-focused private equity house, has appointed Steve Back as an operating partner.

More people news

Philippe Crochet of Keensight

Philippe Crochet, Keensight

Keensight Capital has promoted investment director Philippe Crochet to become the firm’s fourth partner.

More people news

Chris Merry of Ipes

Chris Merry, Ipes

Fund administration and outsourcing services provider Ipes, backed by Silverfleet Capital Partners, has named Chris Merry as its new......

More people news

Events

event

unquote" Nordic Private Equity Forum

Date: 13 May 2014
Location: Stockholm, Sweden
event

unquote British Private Equity Awards

Date: 02 Oct 2014
Location: London, UK

Email Alerts