Nasdaq GlobeNewswire

ILPA Issues Guidance for Limited Partners on Subscription Lines of Credit Used by Private Equity Funds

Del

Recommendations Center on Improved Disclosures by GPs

WASHINGTON and TORONTO, June 27, 2017 (GLOBE NEWSWIRE) -- The Institutional Limited Partners Association (ILPA) today released guidance regarding the use of subscription lines of credit facilities by private equity general partners (GPs).  In the document, ILPA outlines the risks and potential impact on limited partners (LPs) resulting from inadequate visibility into exposure to these credit lines. In response, the organization recommends that LPs seek greater disclosures from their fund managers around the use of subscription lines, as well as greater clarity in the partnership agreements around parameters for their use.

"Many limited partners understand how lines of credit can be beneficial to the cash flows of GPs and LPs alike, but over the last several years the practice has expanded significantly in size and scope," said Jennifer Choi, Managing Director of Industry Affairs, ILPA.  "ILPA wants to ensure that LPs have access to the necessary information regarding GPs' use of these facilities, and how they impact the alignment of interest between the two parties. Therefore, our recommendations are centered on a fundamental commitment to transparency and disclosure."

The ILPA guidance, which was developed in concert with LPs, GPs and industry advisers, includes the following recommendations:    

  • LPs should require their managers to disclose quarterly information on the size of the lines, number of days outstanding, specific uses of the capital, and impact of credit line facilities on reported IRRs.  During due diligence, LPs should request that prospective mangers provide the impact of subscription facilities on past reported performance.  
     
  • Within partnership agreements, waterfall provisions should specify that the date used to calculate the GPs' preferred return hurdle aligns to when the credit facility is drawn, rather than when capital is ultimately called from the LPs.
     
  • Partnership agreement provisions addressing use of subscription facilities should establish reasonable thresholds for their use, such as a maximum of 15-25% of all uncalled capital and no more than 180 days outstanding.  Such provisions should also make clear the burdens placed on the LPs whose commitments are used to secure the line.     

The full paper, "Subscription Lines of Credit and Alignment of Interests," can be found here. The ILPA intends to continuously reflect member feedback and new market conditions into this document and will publish, as needed, updates to this guidance on the ILPA website.

About the Institutional Limited Partners Association (ILPA)

The Institutional Limited Partners Association (ILPA) engages, empowers and connects limited partners to maximize their performance on an individual, institutional and collective basis. With more than 400 member institutions representing over US$1 trillion of invested capital, ILPA is the only global organization dedicated exclusively to advancing the interests of LPs and their beneficiaries through best-in-class education, research, advocacy and networking.  For more information, please visit ILPA.org.

Contact:
Emily Mendell
Head of Marketing and Communications, ILPA
emendell@ilpa.org
610-565-4692



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Institutional Limited Partners Association via Globenewswire

Om Nasdaq GlobeNewswire

Nasdaq GlobeNewswire
Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

+1 212 401 8700http://www.nasdaqomx.com

NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.

Følg saker fra Nasdaq GlobeNewswire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Nasdaq GlobeNewswire

CNP Assurances: Pre Stabilisation Notice20.6.2018 13:41Pressemelding

PARIS, June 20, 2018 (GLOBE NEWSWIRE) -- EURONEXT PARIS: CNP 20 th June 2018 CNP Assurances Stabilisation Notice HSBC (contact: 'Syndicate desk'; telephone: +44 207 992 8066) hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities The securities: Issuer: CNP Assurances Guarantor (if any): Aggregate nominal amount: EUR Bmk Description: EUR Perpetual Fixed Rate Resettable Restricted Tier 1 Notes Offer price: TBC Other offer terms: Stabilisation: Stabilising Manager(s): Credit Suisse / HSBC (B&D) / Morgan Stanley / Natixis / SG CIB / Unicredit Stabilisation period expected to start on: 20th June 2018 Stabilisation period expected to end no later than: 20th July 2018 Existence, maximum size & conditions of use of over-allotment facility: 5% of the aggregate nominal amount Stabilisation Venue(s) Over the counter (OTC) In connection with the offer of the above securities, the Stabilisation Manager(s)

Delta Air Lines Becomes Launch Operator of ATMOSPHÈRE Cabin with New Order for 20 Bombardier CRJ90020.6.2018 13:00Pressemelding

MONTRÉAL, June 20, 2018 (GLOBE NEWSWIRE) -- Bombardier Commercial Aircraft announced today that Delta Air Lines, Inc. of Atlanta, Georgia (Delta Air Lines) has signed a firm purchase agreement for 20 CRJ900 aircraft - becoming the launch operator of the new ATMOSPHÈRE cabin for CRJ Series regional jets. Based on the list price for the CRJ900 aircraft, the firm order is valued at approximately US$961 million. "We are thrilled that Delta continues to select the CRJ Series as the airline looks into the future growth of its regional operations," said Fred Cromer, president, Bombardier Commercial Aircraft. "Together with Delta, we have driven the development of regional aviation in the U.S., and we are looking forward to further enhancing regional air travel with the launch of the new ATMOSPHÈRE cabin with our long-standing and esteemed customer." The new CRJ900 aircraft with ATMOSPHÈRE cabin will fly under the Delta Connection brand in a comfortable two-class regional jet configuration wit

Bombardier's Chinese Joint Venture Wins Contract to Provide an INNOVIA Automated People Mover System to Shenzhen Airport20.6.2018 11:52Pressemelding

Bombardier Transportation / Bombardier's Chinese Joint Venture Wins Contract to Provide an INNOVIA Automated People Mover System to Shenzhen Airport . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement. With this latest joint venture contract, Bombardier's automated people mover systems will be in service in China's five largest urban centers New generation of reliable and ecofriendly INNOVIA APMs to help Shenzhen airport meet growing passenger numbers BERLIN, June 20, 2018 (GLOBE NEWSWIRE) -- Note to editors: To view the photo associated with this press release, please visit the following link: http://www.globenewswire.com/NewsRoom/AttachmentNg/3eb2c427-92ce-4524-bf1a-8cf64b48ca9f Rail technology leader Bombardier Transportation announced today that its Chinese joint venture, CRRC Puzhen Bombardier Transportation Systems Limited (PBTS), has been awarded a contract from Shenzhen Airport Co. Ltd to provide a BOM

SD-WAN Provider Aryaka Within 1% of Surpassing VMware for SD-WAN Market Leadership, According to Latest IHS Markit Report20.6.2018 10:00Pressemelding

SAN MATEO, Calif., June 20, 2018 (GLOBE NEWSWIRE) -- Aryaka® announced today it has been named the largest pure play SD-WAN provider in Q1 2018 and is now within 1% of surpassing VMware for overall leadership in terms of market share and revenues, according to the latest industry report from IHS Markit. In addition to closing the gap on VMware, Aryaka is now 6% ahead of Cisco (post-Viptela acquisition) in the SD-WAN space. IHS Markit's most recent report shows Aryaka's share of the SD-WAN market reached 18% in Q1 2018, which is an increase from the previous quarter. "Aryaka's SD-WAN as-a-Service is a game-changer and enabler for global enterprises embarking on a digital transformation journey," said Gary Sevounts, Chief Marketing Officer at Aryaka. "Our growth and dominant market position are a direct result of our unique ability to enhance cloud/SaaS and on-premises application performance for globally distributed businesses. With a continued focus on application delivery, performance

Standard Lithium Provides Updates on Fully Funded Resource Assessments Program Underway20.6.2018 09:00Pressemelding

VANCOUVER, British Columbia, June 20, 2018 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. ("Standard Lithium" or the "Company") (TSXV:SLL) (FRA:S5L) is pleased to provide the following updates on the Company's fully funded resource assessment programs underway at its two brownfield lithium brine project locations. In Arkansas, the Company has begun sampling at all current, active, and permitted brine production wells from the 150,000+ acres of brine leases recently announced by the Company on May 9th, 2018 (link to news release here). The Company has also received total brine production data from the Arkansas Oil and Gas Commission (the "AOGC") for the last six years of production. The Company will continue sampling brine from these active production wells at regular intervals over the next one to two months. Analyses from this sampling program, combined with production volume data from the AOGC and extensive geophysical data the Company has received, will be used to assist in completing a

ERYTECH to Present at JMP Securities Life Science Conference20.6.2018 07:30Pressemelding

LYON, France, June 20, 2018 (GLOBE NEWSWIRE) -- ERYTECH Pharma (Euronext Paris:ERYP) (Nasdaq:ERYP), a clinical-stage biopharmaceutical company developing innovative therapies by encapsulating therapeutic drug substances inside red blood cells, today announced that Chief Executive Officer, Gil Beyen, will present at the JMP Securities Life Science Conference, June 20, 2018 at The St. Regis, New York, in New York City. Conference Details: Conference: JMP Securities Life Science Conference Date: June 20, 2018 Presentation Time: 9:00 AM EDT / 3:00 CET About ERYTECH and eryaspase (GRASPA®): www.erytech.com Founded in Lyon, France in 2004, ERYTECH is a clinical-stage biopharmaceutical company developing innovative therapies for rare forms of cancer and orphan diseases. Leveraging its proprietary ERYCAPS platform, which uses a novel technology to encapsulate therapeutic drug substances inside red blood cells, ERYTECH has developed a pipeline of product candidates targeting markets with high u

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom