Exit this way No.3: general issues in fund exits
By Deborah Lloyd
This is the third briefing, the last in our summer series on fund exits. In our first briefing we summarised exit mechanisms for closed-ended funds and in our second briefing we examined open-ended funds. In this briefing, we will look at the general issues that apply to all types of funds.
The process for terminating or exiting a fund will be set out in the fund documentation, which is why it is essential that these provisions are carefully drafted. Semi-open-ended funds usually have longer lifespans than closed-ended funds with redemptions provisions that are more restrictive than in open-ended funds.
In all types of funds, however, fund managers should follow the provisions carefully to ensure that there are no breaches of the agreements and the fund manager is acting in the best interest of all investors at all times. The hybrid nature of a semi-open-ended fund makes careful drafting particularly important so that the investors are clear on the exact timings of their ability to exit and potential fund extensions, if the life of the fund is not infinite…
Click on the link below to read the rest of the Nabarro briefing.
News from Nabarro
News from The Lawyer
Briefings from Nabarro
This case has highlighted the question of whether there is a ‘gap’ in clause 20 of the FIDIC conditions where arbitration is chosen as the final method of dispute resolution.
Lord Justice Jackson gave a keynote speech at the Costs Law and Practice Conference on 30 September, making a number of comments on the progress of his reforms.
Analysis from The Lawyer
Nabarro senior partner and self-confessed “IT geek” Graham Stedman is heralding a major set of investments in technology ahead of the firm’s move to 125 London Wall this year.
Clients are more willing to bring claims against professional service providers but the risk to defendants is not as dramatic as it might seem