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Funds: Private Equity, Hedge and All Core Structures

Book Description

Investment funds are the driving force behind much global private economic development, and yet the world of investment funds can be complex and confusing.

Funds: Private Equity, Hedge and All Core Structures is a practical introductory guide to the legal and commercial context in which funds are raised and invest their money, with examinations of the tax and regulatory background, and an analysis of the key themes and trends that the funds industry face following the financial crisis. The book looks at asset classes, investor return models, the commercial and legal pressures driving different structures and key global jurisdictions for both fund establishment and making investments. It also contains a comprehensive analysis of fund managers, from remuneration, best practice through to regulation.

The book is written for readers from all backgrounds, from students or newcomers to the industry to experienced investors looking to branch out into alternative asset classes, or existing asset managers and their advisers wanting to know more about the structures elsewhere within the industry.

Table of Contents

  1. Cover
  2. Half Title page
  3. Title page
  4. Copyright page
  5. Chapter 1: Introduction to Funds
    1. 1.1 Why This Book?
    2. 1.2 Alternative Assets
    3. 1.3 What is a Fund?
    4. 1.4 Categories of Funds
    5. 1.5 Choosing a Vehicle
    6. 1.6 Open-Ended and Closed-Ended Fund Structures
    7. 1.7 Contents of this book
  6. Chapter 2: Limited Partnerships – Use in Alternative Asset Funds
    1. 2.1 Introduction to Limited Partnerships
    2. 2.2 Structure of Limited Partnership Funds
    3. 2.3 Establishment of the Fund
    4. 2.4 Investing
    5. 2.5 Commitments by Investors
    6. 2.6 Economics
    7. 2.7 Governance
    8. 2.8 Some Conclusions
  7. Chapter 3: Hedge Funds
    1. 3.1 Introduction
    2. 3.2 Types of Hedge Fund Strategies
    3. 3.3 Where are Hedge Funds Located and What are the Tax Drivers?
    4. 3.4 Hedge Fund Investors
    5. 3.5 Principal Vehicles
    6. 3.6 Types of Hedge Fund Structures
    7. 3.7 Establishment of the Fund
    8. 3.8 Management and Performance Fees
    9. 3.9 Other Key Terms
    10. 3.10 The Use of Side Pockets
    11. 3.11 Regulation
    12. 3.12 Some Conclusions
  8. Chapter 4: Structural Variants and Alternative Structures to Chapters 2 and 3
    1. 4.1 Introduction
    2. 4.2 Pledge Funds
    3. 4.3 ‘Combo’ Fund Structure
    4. 4.4 Investment Clubs
    5. 4.5 Fund-Lites
    6. 4.6 Top-Up, Bridge and Side Pockets
    7. 4.7 Managed Accounts
    8. 4.8 Corporate Vehicles
    9. 4.9 Special Purpose Acquisition Companies (SPACS) or Cash Shells
    10. 4.10 UK Enterprise Investment Scheme
    11. 4.11 UK Unit Trusts
    12. 4.12 Offshore Alternatives
    13. 4.13 Jersey Property Unit Trusts
    14. 4.14 Some Conclusions
  9. Chapter 5: Investment-specific Strategies
    1. 5.1 Introduction
    2. 5.2 Private Equity/Venture Capital
    3. 5.3 Public Equities
    4. 5.4 Bonds
    5. 5.5 Credit Funds
    6. 5.6 Shadow Banking
    7. 5.7 Real Estate and Infrastructure
    8. 5.8 Energy Funds
    9. 5.9 Commodities Funds
    10. 5.10 Social Impact Funds
    11. 5.11 Secondaries Funds
    12. 5.12 Derivatives Funds
    13. 5.13 Currency Funds
    14. 5.14 Hedge Fund Strategies
    15. 5.15 Some Conclusions
  10. Chapter 6: Stock Markets and Listed Funds
    1. 6.1 Introduction
    2. 6.2 Listings of Private Funds
    3. 6.3 UK Markets and Listed Fund Structures
    4. 6.4 New York
    5. 6.5 Europe
    6. 6.6 Alternative Offshore Stock Exchanges
    7. 6.7 Some Conclusions
  11. Chapter 7: Principal ‘Offshore’ Fund Locations
    1. 7.1 What Are the Characteristics of an Attractive Investment Fund Location?
    2. (A) Offshore Crown Dependencies
    3. 7.2 The Channel Islands
    4. 7.3 The Isle of Man
    5. 7.4 Other Channel Islands
    6. (B) Specifically Regulated EU Fund Jurisdications
    7. 7.5 Ireland
    8. 7.6 Luxembourg
    9. 7.7 Malta
    10. 7.8 Cyprus
    11. 7.9 Gibraltar
    12. (C) Rest of Europe
    13. 7.10 The Netherlands
    14. 7.11 Switzerland
    15. (D) Caribbean and Atlantic
    16. 7.12 The Cayman Islands
    17. 7.13 The British Virgin Islands
    18. 7.14 Bermuda
    19. (E) Asia
    20. 7.15 Hong Kong
    21. 7.16 Singapore
    22. 7.17 Dubai
    23. 7.18 Mauritius
    24. 7.19 Some Conclusions
  12. Chapter 8: Principal ‘Onshore’ Fund Locations
    1. 8.1 Introduction
    2. (A) Asia
    3. 8.2 People’s Republic of China
    4. 8.3 Japan
    5. 8.4 India
    6. (B) The Americas
    7. 8.5 Canada
    8. 8.6 The Federative Republic of Brazil
    9. (C) Onshore European Jurisdictions
    10. 8.7 Russian Federation
    11. 8.8 Germany
    12. 8.9 France
    13. (D) Commonwealth of Australia
    14. (E) Islamic Investment Funds
  13. Chapter 9: Sovereign Wealth Funds, State-sponsored Funds, Pension and Superannuation Schemes and Charities
    1. 9.1 Introduction
    2. 9.2 Sovereign Wealth Funds (SWFS)
    3. 9.3 State-Sponsored Funds
    4. 9.4 Pensions
    5. 9.5 Charities
    6. 9.6 Some Conclusions
  14. Chapter 10: Investment Manager Structures
    1. 10.1 Introduction
    2. 10.2 General Partner in Limited Partnership Structures
    3. 10.3 Regulation of Investment Managers
    4. 10.4 Structures of Management Vehicles
    5. 10.5 Investment Manager Fees
    6. 10.6 Performance Fees and Carried Interest
    7. 10.7 Internal Economics
    8. 10.8 External Ownership of Investment Manager Groups
    9. 10.9 Listing of Investment Manager Groups
    10. 10.10 Boards and Committees of an Investment Manager
    11. 10.11 Manager or Adviser
    12. 10.12 Family Offices
    13. 10.13 Some Conclusions
  15. Chapter 11: Taxation Principles in Funds
    1. 11.1 Introduction
    2. 11.2 Taxation of Funds
    3. 11.3 Investors
    4. 11.4 Investment Manager Companies
    5. 11.5 Principals of an Investment Manager
    6. 11.6 Some Conclusions
  16. Chapter 12: Regulatory Environment
    1. 12.1 Introduction
    2. 12.2 UK Regulatory Environment
    3. 12.3 Financial Conduct Authority
    4. 12.4 Prudential Regulation Authority
    5. 12.5 US Regulatory Environment
    6. 12.6 EU Regulatory Environment – The Alternative Investment Fund Managers Directive
    7. 12.7 Other EU Regulation
    8. 12.8 Regulation – Some Conclusions for Alternative Asset Fund Managers
  17. Chapter 13: Comparisons and Conclusions
    1. 13.1 Introduction
    2. 13.2 Evolving Structural Drivers
    3. 13.3 Core Structures Compared
    4. 13.4 The Paperwork
    5. 13.5 The Actors
    6. 13.6 The Supporting Actors
    7. 13.7 What is Trending?
  18. Appendix I: Definitions
    1. Glossary Terms
  19. Appendix II: Abbreviations
  20. Appendix III: Acknowledgements
    1. The MJ Hudson Team
    2. Further Acknowledgements
  21. Index