U.S. M&A standards continue to influence the Canadian market, but despite the general trend of convergence in the cross-border legal market, deal terms in the Canadian M&A market still tend to offer more protection to the buyer, particularly with respect to indemnification, write Osler, Hoskin & Harcourt LLP Partner Marc Kushner and Associates Michael Budabin McQuown and Jillian Mulroy. In a PE Hub Canada feature article, they argue that deal-makers in Canada can profit by keeping abreast of the latest developments and tactically applying the prevailing norms.
Ottawa Avenue Private Capital LLC, an investment arm of the family office of Richard DeVos, father-in-law to U.S. Secretary of Education Betsy DeVos, has raised at least $420 million for two funds in a series of annual co-investment pools, regulatory filings suggest. The Grand Rapids, Michigan, firm, founded in 2015, had assets in Ottawa Avenue Fund 2017 LP […]
LPs worry future value is directed to third-party investor rather than younger execs Forces firms to grow AUM by expanding strategies Innovation greeted with suspicion by investors Limited partners are not big fans of GPs selling minority stakes in their management companies. “We certainly do not encourage it,” a limited partner told me. I come […]
Editor’s Note: The story below may leave the impression that the Michigan Prosperity Fund is a single blind pool. The author wrote a subsequent column clarifying that its sponsor invests on a deal by deal basis. Michigan may be the home of the auto industry and a hub of beer brewing and manufacturing, but the midwestern state […]
Co-investments, in which investors and a sponsor’s primary fund invest alongside each other in an M&A deal, have become a staple of today’s private equity landscape. It’s not hard to see why. Given the importance of having an effective co-investment strategy, and of avoiding potential pitfalls, Torys LLP Partner Stefan Stauder and Senior Associate Jamie Becker have come up with some "how-to" guidelines for investors negotiating and managing co-investment arrangements with PE sponsors.
Canada's oil and gas industry has experienced turbulent times as of late. But current trends also present opportunities for companies and investors choosing to go deeper into the domestic energy space at the right price and in advance of a recovery, writes Neal Ross, a partner at Osler, Hoskin & Harcourt LLP. In a PE Hub Canada feature, Ross looks at current market conditions and highlights some of the ways in which Canadian energy companies are successfully partnering with private equity firms.
California Public Employees’ Retirement System has earned a reputation as one of the toughest limited partners in the business. This is because the system takes a hard line on fees and other terms, pushing back on managers to the point that some GPs don’t look for capital from CalPERS, once the most important LP in the […]
I recently was sitting over coffee with an investment-relations professional, and the topic of Réal Desrochers came up. I was wondering whether my source had heard anything about Réal retiring. My source hadn’t heard anything but went on to talk about how the firm wasn’t going to invite California Public Employees’ Retirement System into its new […]
The Institutional Limited Partners Association by early next year would like to produce a revised set of recommended LPA terms that will likely address how forthcoming general partners should be with the sharing of SEC exam results. The association has a parallel initiative under way to streamline the wording of select provisions, such as distribution waterfalls. First released in […]
A familiar refrain echoed through the brightly lit rooms of the Hyatt Regency in Boston in March. Prices are high, said dealmakers at Buyouts’ PartnerConnect East conference on panel after panel. They’re so high that the environment is starting to feel like that golden era back in 2007. GPs are underwriting deals to mid-teen IRRs, […]