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
- Cover
- Half Title page
- Title page
- Copyright page
- Chapter 1: Introduction to Funds
- Chapter 2: Limited Partnerships – Use in Alternative Asset Funds
-
Chapter 3: Hedge Funds
- 3.1 Introduction
- 3.2 Types of Hedge Fund Strategies
- 3.3 Where are Hedge Funds Located and What are the Tax Drivers?
- 3.4 Hedge Fund Investors
- 3.5 Principal Vehicles
- 3.6 Types of Hedge Fund Structures
- 3.7 Establishment of the Fund
- 3.8 Management and Performance Fees
- 3.9 Other Key Terms
- 3.10 The Use of Side Pockets
- 3.11 Regulation
- 3.12 Some Conclusions
-
Chapter 4: Structural Variants and Alternative Structures to Chapters 2 and 3
- 4.1 Introduction
- 4.2 Pledge Funds
- 4.3 ‘Combo’ Fund Structure
- 4.4 Investment Clubs
- 4.5 Fund-Lites
- 4.6 Top-Up, Bridge and Side Pockets
- 4.7 Managed Accounts
- 4.8 Corporate Vehicles
- 4.9 Special Purpose Acquisition Companies (SPACS) or Cash Shells
- 4.10 UK Enterprise Investment Scheme
- 4.11 UK Unit Trusts
- 4.12 Offshore Alternatives
- 4.13 Jersey Property Unit Trusts
- 4.14 Some Conclusions
-
Chapter 5: Investment-specific Strategies
- 5.1 Introduction
- 5.2 Private Equity/Venture Capital
- 5.3 Public Equities
- 5.4 Bonds
- 5.5 Credit Funds
- 5.6 Shadow Banking
- 5.7 Real Estate and Infrastructure
- 5.8 Energy Funds
- 5.9 Commodities Funds
- 5.10 Social Impact Funds
- 5.11 Secondaries Funds
- 5.12 Derivatives Funds
- 5.13 Currency Funds
- 5.14 Hedge Fund Strategies
- 5.15 Some Conclusions
- Chapter 6: Stock Markets and Listed Funds
-
Chapter 7: Principal ‘Offshore’ Fund Locations
- 7.1 What Are the Characteristics of an Attractive Investment Fund Location?
- (A) Offshore Crown Dependencies
- 7.2 The Channel Islands
- 7.3 The Isle of Man
- 7.4 Other Channel Islands
- (B) Specifically Regulated EU Fund Jurisdications
- 7.5 Ireland
- 7.6 Luxembourg
- 7.7 Malta
- 7.8 Cyprus
- 7.9 Gibraltar
- (C) Rest of Europe
- 7.10 The Netherlands
- 7.11 Switzerland
- (D) Caribbean and Atlantic
- 7.12 The Cayman Islands
- 7.13 The British Virgin Islands
- 7.14 Bermuda
- (E) Asia
- 7.15 Hong Kong
- 7.16 Singapore
- 7.17 Dubai
- 7.18 Mauritius
- 7.19 Some Conclusions
- Chapter 8: Principal ‘Onshore’ Fund Locations
- Chapter 9: Sovereign Wealth Funds, State-sponsored Funds, Pension and Superannuation Schemes and Charities
-
Chapter 10: Investment Manager Structures
- 10.1 Introduction
- 10.2 General Partner in Limited Partnership Structures
- 10.3 Regulation of Investment Managers
- 10.4 Structures of Management Vehicles
- 10.5 Investment Manager Fees
- 10.6 Performance Fees and Carried Interest
- 10.7 Internal Economics
- 10.8 External Ownership of Investment Manager Groups
- 10.9 Listing of Investment Manager Groups
- 10.10 Boards and Committees of an Investment Manager
- 10.11 Manager or Adviser
- 10.12 Family Offices
- 10.13 Some Conclusions
- Chapter 11: Taxation Principles in Funds
-
Chapter 12: Regulatory Environment
- 12.1 Introduction
- 12.2 UK Regulatory Environment
- 12.3 Financial Conduct Authority
- 12.4 Prudential Regulation Authority
- 12.5 US Regulatory Environment
- 12.6 EU Regulatory Environment – The Alternative Investment Fund Managers Directive
- 12.7 Other EU Regulation
- 12.8 Regulation – Some Conclusions for Alternative Asset Fund Managers
- Chapter 13: Comparisons and Conclusions
- Appendix I: Definitions
- Appendix II: Abbreviations
- Appendix III: Acknowledgements
- Index
Product information
- Title: Funds: Private Equity, Hedge and All Core Structures
- Author(s):
- Release date: March 2014
- Publisher(s): Wiley
- ISBN: 9781118790403
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