%PDF-1.6 % 1 0 obj <>/Font<>/ProcSet[/PDF/Text]/ExtGState 212 0 R/XObject 213 0 R>>/Rotate 0/StructParents 11/Type/Page/Tabs/S>> endobj 2 0 obj [13 0 R 15 0 R 14 0 R 12 0 R] endobj 3 0 obj <>stream /CS0 cs 1 scn 36 766.552 576 -694.552 re f /P <>BDC q 36 72 576 695 re W n BT 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 757.2414 Tm [(Earlier)-52( cash)-6( inflows)-3( put)-22( pressure)-51( on)-6( the)-22( GP)-26( to)-48( cause)-38( the)-22( fund)-54( to)-48( make)-26( distributions)-18( earlier)-45( \(or)-13( in)]TJ ET EMC Q BT /P <>BDC 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 744.2069 Tm [(greater)-8( amounts\))-8( to)-48( achieve)-25( the)-22( targeted)-37( IRR)-43( and)-38( allow)-16( the)-22( GP)-26( to)-48( receive)-12( its carried)-3( interest)-15( earlier.)]TJ EMC /P <>BDC 0 -1.235 TD [(In)-48( the)-22( usual)-22( set)-19( up,)-22( the)-22( factors)-58( that)-38( can)-35( affect)-25( the)-22( IRR)-43( are)-26( mostly)-52( out)-22( of)-48( the)-22( hands)-41( of)-48( the)-22( GP)-25( \(i.e.)-39( it)]TJ EMC /P <>BDC 0 -1.235 TD [(can)-35( postpone)-4( the)-22( timing)-39( of)-48( the)-22( capital)-51( calls)-59( until)-48( it)-29( requires)-35( the)-22( funds)-25( to)-48( complete)-2( a)-32( portfolio)]TJ EMC /P <>BDC 0 -1.235 TD [(investment)-47( or)-52( cover)-25( expenses,)-30( but)-22( no)-6( further\).)]TJ EMC /P <>BDC 0 -2.176 TD [(However,)-12( with)-45( a)-32( bridge)-44( facility,)-3( the)-22( GP)-26( benefits)-27( from the)-22( ability)-32( to)-48( delay)-22( capital)-51( calls,)-16( which)-32( indirectly)]TJ EMC /P <>BDC 0 -1.471 TD [(favours)-15( a)-32( higher)-44( IRR)-43( and)-38( thus)-51( its chance)-11( of)-48( being)-25( entitled)-11( to)-48( a)-32( carried)-3( interest.)]TJ EMC ET /Link <>BDC BT /CS1 cs 0 0 1 scn /TT0 1 Tf 0 Tw 8.6897 0 0 8.6897 432 670.3448 Tm (4)Tj ET /CS1 CS 0 0 1 SCN 0.621 w q 1 0 0 1 432 669.7241 cm 0 0 m 4.966 0 l S Q EMC BT /P <>BDC /CS0 cs 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 436.9655 666.6207 Tm [( Even)-15( if)-29( the)-22( initial)]TJ EMC /P <>BDC -35.647 -1.235 Td [(objectives)-25( of)-48( implementing)-54( a)-32( subscription)-18( credit)-26( facility)-45( are)-26( not)-22( to)-48( influence)-57( the)-22( IRR)-43( or)-52( the)-22( payment)]TJ EMC /P <>BDC 0 -1.235 TD [(of)-48( the)-22( carried)-3( interest,)-31( such)-6( an)-6( operation)-7( nevertheless)-37( allows)-45( the)-22( GP)-26( to)-48( control)-58( at)-48( least)-6( one)-38( of)-48( the)]TJ EMC /P <>BDC 0 -1.235 TD [(factors)-58( impacting)-15( the)-22( IRR, and)-38( therefore)-57( slightly)-3( alter)-55( the)-22( initial)-16( equilibrium)-48( between)-43( the)-22( interests)-44( of)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( LPs)-42( and)-38( those)-25( of)-48( the)-22( GP)-26( set)-19( out)-22( in)-46( the)-22( fund\222s)-38( limited)-52( partnership)-57( agreement)-43( \(\223)]TJ EMC /P <>BDC /TT1 1 Tf 0 Tw 36.765 0 Td (LPA)Tj EMC /P <>BDC /TT0 1 Tf (\224\).)Tj EMC /H2 <>BDC /TT1 1 Tf 0.016 Tw -36.765 -2.176 Td [(ILPA\222s)-6( best)-3( practices)]TJ EMC /P <>BDC /TT0 1 Tf 0 -2.176 TD [(In)-48( June)-8( 2017,)-27( the)-22( Institutional)-1( Limited)-12( Partners)-44( Association)-5( \(the)-42( \223)]TJ EMC /P <>BDC /TT1 1 Tf 0 Tw 29 0 Td (ILPA)Tj EMC /P <>BDC /TT0 1 Tf 0.016 Tw 2.294 0 Td [(\224\))-40( released)-47( a)-32( document)]TJ EMC /P <>BDC -31.294 -1.235 Td [(entitled)-11( \223Subscription)-47( Lines)-22( of)-48( Credit)-39( and)-38( Alignment)-25( of)-48( Interests)-47( \226)-32( Considerations)-37( and)-38( Best)-58( Practices)]TJ EMC /P <>BDC 0 -1.235 TD [(for)-9( Limited)-12( and)-38( General)-31( Partners\224)-6( \(the)-42( \223)]TJ EMC /P <>BDC /TT1 1 Tf 17.706 0 Td [(ILPA\222s)-6( Best)-9( Practices)]TJ EMC /P <>BDC /TT0 1 Tf 10.353 0 Td [(\224\).)-56( The)-42( document)-21( generally)-2( highlights)]TJ EMC /P <>BDC -28.059 -1.235 Td [(what)-6( the)-22( ILPA)-8( perceives)-15( to)-48( be)-6( adverse)-31( effects)-54( of)-48( a)-32( wide)-3( and)-38( unrestricted)-11( use)-35( of)-48( subscription)-18( lines)-3( of)]TJ EMC /P <>BDC T* [(credit)-26( by)-3( investment)-47( funds)-25( as)-3( well)-43( as)-3( some)-26( of)-48( the)-22( best)-51( practices)-58( for)-9( dealing)-11( with)-45( such)-6( credit)]TJ EMC /P <>BDC 0 -1.235 TD [(facilities.)-48( According)-24( to)-48( the)-22( ILPA)-8( and)-38( as)-3( noted)-27( above,)-57( one)-38( such)-6( adverse)-31( effect)-25( is)-43( a)-32( distortion)-2( in)-45( the)]TJ EMC /P <>BDC 0 -1.235 TD [(application)-43( of)-48( the)-22( conditions)-27( related)-2( to)-48( the)-22( carried)-3( interest.)-31( The)-42( ILPA)-8( also)-48( demonstrates)-1( that)-38( the)]TJ EMC /P <>BDC 0 -1.471 TD [(impact)-55( of)-48( the)-22( use)-35( of)-48( a)-32( line)-32( of)-48( credit)-26( on)-6( the)-22( IRR)-43( will)-24( be)-6( greater)-8( early)-9( in)-45( the)-22( life)-16( of)-48( the)-22( fund)]TJ EMC ET /Link <>BDC BT /CS1 cs 0 0 1 scn /TT0 1 Tf 0 Tw 8.6897 0 0 8.6897 477.931 478.5517 Tm (5)Tj ET q 1 0 0 1 477.931 477.9311 cm 0 0 m 4.966 0 l S Q EMC BT /P <>BDC /CS0 cs 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 482.8965 474.8276 Tm ( and)Tj EMC /P <>BDC -40 -1.235 Td [(describes)-15( two)-32( of)-48( the)-22( effects)-54( of)-48( this)-32( impact,)-12( i.e.)-19( the)-22( potential)-43( for)-9( the)-22( GP)-25( to)-48( receive)-12( a)-32( carried)-3( interest)-15( in)]TJ EMC /P <>BDC 0 -1.235 TD [(cases)-35( where)-42( the)-22( unlevered)-21( IRR)-43( may)-52( not)-22( meet)-12( the)-22( preferred)-2( return)-35( hurdle)-44( and)-38( the)-22( associated)]TJ EMC /P <>BDC 0 -1.235 TD [(clawback)-6( issues.)]TJ EMC /P <>BDC 0 -2.176 TD [(Clawback)-19( issues)-48( arise)-9( when)-22( a)-32( GP)-26( is)-43( paid)-51( a)-32( carried)-3( interest)-15( during)-45( the)-22( life)-16( of)-48( the)-22( fund)-54( while)]TJ EMC /P <>BDC 0 -1.235 TD [(calculations)-11( of)-48( the)-22( IRR)-43( later)-55( in)-45( the)-22( fund\222s)-38( life)-16( reveal)-42( that)-38( no)-6( such)-6( carried)-3( interest)-15( should)-54( have)-8( been)]TJ EMC /P <>BDC 0 -1.235 TD [(paid.)-8( Most)-9( funds\222)-38( LPAs)-22( contain)-11( clawback)-6( provisions)-28( forcing)-58( the)-22( GP)-26( to)-48( reimburse)-26( the)-22( carried)-3( interest)]TJ EMC /P <>BDC 0 -1.471 TD [(previously)-28( received)-44( if)-29( paid)-51( unjustly)-22( based)-41( on)-6( the)-22( subsequent)-6( performance)-34( of)-48( the)-22( fund.)]TJ EMC ET /Link <>BDC BT /CS1 cs 0 0 1 scn /TT0 1 Tf 0 Tw 8.6897 0 0 8.6897 466.1379 374.8966 Tm (6)Tj ET q 1 0 0 1 466.1379 374.2759 cm 0 0 m 4.966 0 l S Q EMC BT /P <>BDC /CS0 cs 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 471.1034 371.1724 Tm ( However,)Tj EMC /P <>BDC -38.882 -1.235 Td [(depending)-36( on)-6( how)-48( the)-22( LPA)-51( was)-45( negotiated,)-52( clawback)-6( provisions)-28( may)-52( lose)-48( their)-55( grip)-39( where)-42( the)-22( cash)]TJ EMC /P <>BDC 0 -1.235 TD [(has)-35( in)-45( fact)-35( been)-11( distributed)-34( by)-3( the)-22( GP)-25( to)-48( its shareholders.)-60( This)-52( is)-43( why)-45( LPAs)-22( sometimes)-48( provide)-15( for)]TJ EMC /P <>BDC 0 -1.235 TD [(escrow)-9( provisions)-28( or)-52( personal)-47( guarantees)-56( in)-45( support)-18( of)-48( the)-22( clawback)-6( undertakings.)]TJ EMC /P <>BDC 0 -2.176 TD [(To)-9( avoid)-22( this)-32( distortion)-2( and)-38( the)-22( risk)-33( of)-48( such)-6( issues)-48( arising,)-12( the)-22( ILPA)-8( recommends)-44( that)-38( the)-22( distribution)]TJ EMC /P <>BDC 0 -1.235 TD [(provisions)-28( in)-45( LPAs)-22( specify)-6( that)-38( the)-22( date)-54( of)-48( cash)-6( inflow)-32( used)-8( to)-48( calculate)-54( the)-22( IRR)-43( should)-54( be)-6( the)-22( date)]TJ EMC /P <>BDC 0 -1.235 TD [(at)-48( which)-32( the)-22( credit)-26( facility)-45( is)-43( drawn)-42( upon)-11( to)-48( make)-26( a)-32( portfolio)-31( investment)-47( or)-52( pay)-35( fund)-54( expenses)-14( rather)]TJ EMC /P <>BDC 0 -1.235 TD [(than)-54( that)-38( when)-22( capital)-51( is)-43( called)-35( from the)-22( LPs)-42( to)-48( reimburse)-26( the)-22( amount)-18( drawn)-42( on)-6( the)-22( facility.)-3( Seeing)]TJ EMC /P <>BDC T* [(how)-48( this)-32( recommendation)-24( is)-43( a)-32( departure)-14( from what)-6( is)-43( typically)-32( found)-27( in)-46( most)-9( investment)-47( funds\222)]TJ EMC /P <>BDC 0 -1.235 TD [(LPAs,)-38( the)-22( ILPA)-8( is)-43( probably)-47( attempting)-37( here)-58( to)-48( influence)-57( change)-14( in)-45( existing)-22( standards.)]TJ EMC /H2 <>BDC /TT1 1 Tf 0 -2.176 TD [(Typical)-25( restrictions)-25( found)-46( in)-52( LPAs)]TJ EMC /P <>BDC /TT0 1 Tf T* [(LPAs)-22( generally)-2( limit)-46( the)-22( ability)-32( of)-48( a)-32( GP)-26( to)-48( use)-35( leverage)-47( in)-45( the)-22( management)-46( of)-48( the)-22( fund,)-11( including)-54( in)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( context)-11( of)-48( the)-22( aforementioned)-52( bridge)-45( facilities.)-48( Restrictions)-12( are)-26( typically)-32( imposed)-44( on)-6( the)-22( amount)]TJ EMC /P <>BDC 0 -1.235 TD [(of)-48( indebtedness)-52( \(and)-58( guarantees)-56( of)-48( indebtedness\))-13( that)-38( can)-35( be)-6( incurred)-35( by)-3( the)-22( fund.)-11( The)-42( potential)]TJ EMC /P <>BDC 0 -1.235 TD [(exposure)-5( of)-48( the)-22( fund)-54( is)-43( typically)-32( capped)-14( by)-3( a)-32( percentage)-56( of)-48( the)-22( undrawn)-47( capital)-51( and/or)-47( of)-48( the)-22( fund\222s)]TJ EMC /P <>BDC 0 -1.471 TD [(aggregate)-26( capital)-51( \(lenders)-35( also)-48( impose)-12( similar)-53( limits)-17( for)-9( reasons)-31( explained)-14( below\).)]TJ EMC ET /Link <>BDC BT /CS1 cs 0 0 1 scn /TT0 1 Tf 0 Tw 8.6897 0 0 8.6897 448.1379 147.1035 Tm (7)Tj ET q 1 0 0 1 448.1379 146.4828 cm 0 0 m 4.966 0 l S Q EMC BT /P <>BDC /CS0 cs 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 453.1034 143.3793 Tm [( The)-42( LPAs)-22( also)]TJ EMC /P <>BDC -37.176 -1.235 Td [(often)-11( restrict the)-22( purpose)-34( for)-9( which)-32( a)-32( credit)-26( facility)-46( can)-35( be)-6( used,)-25( limiting)-7( it)-29( to)-48( bridging)-31( portfolio)]TJ EMC /P <>BDC 0 -1.235 TD [(investments)-18( or,)-9( depending)-36( on)-6( the)-22( type)-51( of)-48( fund,)-11( to)-48( providing)-2( letters)-42( of)-48( credit)-26( to)-48( facilitate)-38( the)]TJ EMC /P <>BDC 0 -1.235 TD [(negotiation)-49( and)-38( acquisition)-41( process)-28( of)-48( portfolio)-31( investments)-18( or)-52( to)-48( hedging)-30( purposes.)-21( It)-32( is)-43( to)-48( be)-6( noted)]TJ EMC /P <>BDC T* [(that)-38( those)-25( two)-32( other)-15( types)-22( of)-48( facilities)-32( are)-25( structured)-24( differently)-18( than)-54( facilities)-32( for)-9( bridging)-31( capital)-51( calls)]TJ EMC /P <>BDC 0 -1.235 TD [(and)-38( our)-26( comments)-35( herein)-44( may)-52( not)-22( apply)-22( to)-48( such)-6( types)-22( of)-48( facilities.)]TJ EMC ET endstream endobj 4 0 obj <>/Font<>/ProcSet[/PDF/Text]/ExtGState 236 0 R/XObject 237 0 R>>/Rotate 0/StructParents 19/Type/Page/Tabs/S>> endobj 5 0 obj [16 0 R 17 0 R] endobj 6 0 obj <>stream /CS0 cs 1 scn 36 766.552 576 -694.552 re f BT /P <>BDC 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 749.7932 Tm [(Another)-27( typical)-48( restriction)-19( found)-27( in)-46( LPAs)-22( is)-43( a)-32( requirement)-18( for)-9( the)-22( GP)-26( to)-48( reimburse)-26( the)-22( lender)-44( and)]TJ EMC /P <>BDC 0 -1.235 TD [(complete)-2( the)-22( required)-38( cash)-6( calls)-59( within)-32( a)-32( predetermined)-24( time)-52( period)-44( \(often)-31( around)-5( 90)-6( days)-6( after)]TJ EMC /P <>BDC 0 -1.235 TD [(drawing)-28( on)-6( the)-22( facility\).)-23( The)-42( ILPA)-8( proposes)-5( that)-38( such)-6( period)-45( should)-54( be)-6( no)-6( longer)-44( than)-54( 180)-38( days.)]TJ EMC /P <>BDC 0 -1.235 TD [(This)-52( restriction)-19( is)-43( meant)-45( to)-48( reduce)-2( the)-22( distortion)-2( in)-45( the)-22( application)-43( of)-48( the)-22( conditions)-27( related)-2( to)-48( the)]TJ EMC /P <>BDC 0 -1.235 TD [(carried)-3( interest)-15( described)-18( in)-45( the)-22( previous)-45( section.)]TJ EMC /H2 <>BDC /TT1 1 Tf 0 -2.176 TD [(Considerations)-15( when)-32( negotiating)-23( with lenders)]TJ EMC /P <>BDC /TT0 1 Tf T* [(One)-51( of)-48( the)-22( first)-36( concerns)-2( of)-48( a)-32( GP)-26( looking)-8( to)-48( set)-19( up)-6( a)-32( line)-32( of)-48( credit)-26( for)-9( its investment)-47( fund)-54( is)-43( to)-48( find)-35( a)]TJ EMC /P <>BDC 0 -1.235 TD [(lender)-44( that)-38( has)-35( experience)-50( with)-45( those)-25( types)-22( of)-48( facilities.)-48( While)-29( most)-9( Canadian)-14( banks)-38( now)-48( have)]TJ EMC /P <>BDC T* [(teams)-42( that)-38( are)-26( dedicated)-17( to)-48( this)-32( sector)-42( and)-38( have)-8( experience)-50( in)-45( negotiating)-49( these)-25( types)-22( of)-48( facilities,)-48( it)]TJ EMC /P <>BDC T* [(may)-52( be)-6( worthwhile)-42( to)-48( have)-8( an)-6( in)-45( depth)-27( discussion)-38( with)-45( the)-22( lending)-11( team)-12( regarding)-11( their)-55( level)-3( of)]TJ EMC /P <>BDC 0 -1.235 TD [(experience)-50( and)-38( knowledge:)-60( the)-22( structure)-51( of)-48( a)-32( subscription)-18( credit)-26( facility)-45( for)-9( investment)-47( funds)-25( differs)]TJ EMC /P <>BDC 0 -1.235 TD [(greatly)-58( from that)-38( of)-48( a)-32( standard)-50( commercial)-7( credit)-26( facility.)-3( Here)-9( are)-26( a)-32( few)-32( of)-48( the)-22( particularities)-51( of)]TJ EMC /P <>BDC T* [(those)-25( facilities.)]TJ EMC /H3 <>BDC /CS1 cs 0.427 0.753 0.404 scn 0.008 Tw 17.3793 0 0 17.3793 60.8276 538.138 Tm [(The)-27( borrowing)-3( base)-11( and)-11( the)-3( collateral)]TJ EMC /P <>BDC /CS0 cs 0 scn 0.016 Tw 10.5517 0 0 10.5517 60.8276 508.3449 Tm [(Most)-9( facilities)-32( rely)-36( on)-6( a)-32( borrowing)-22( base,)-25( i.e.)-19( the)-22( mechanism)-6( used)-8( to)-48( determine)-25( the)-22( amount)-18( that)-38( can)]TJ EMC /P <>BDC T* [(be)-6( borrowed)-8( by)-3( the)-22( fund)-54( under)-31( the)-22( facility.)-3( Such)-15( borrowing)-22( base)-8( is)-43( calculated)-27( using)-22( a)-32( percentage)-56( of)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( undrawn)-47( capital)-51( committed)-35( by)-3( eligible)-6( investors.)-15( The)-42( relevant)-31( percentage)-56( of)-48( the)-22( undrawn)-47( capital)]TJ EMC /P <>BDC 0 -1.235 TD [(generally)-2( depends)-46( on)-6( the)-22( rating)-28( attributed)-7( by)-3( predetermined)-24( rating)-28( agencies)-57( to)-48( eligible)-6( investors.)-15( The)]TJ EMC /P <>BDC 0 -1.235 TD [(parameters)-2( for)-9( the)-22( calculation)-41( of)-48( the)-22( borrowing)-22( base)-8( are)-26( therefore)-57( crucial)-52( and)-38( attention)-46( should)-54( be)]TJ EMC /P <>BDC 0 -1.235 TD [(paid)-51( to)-48( how)-48( they)-51( are)-26( defined)-14( in)-46( the)-22( agreements)-14( governing)-21( the)-22( facility.)]TJ EMC /P <>BDC 0 -2.176 TD [(As)-9( the)-22( borrowing)-22( base)-8( is)-43( typically)-32( limited)-52( to)-48( undrawn)-47( capital,)-8( the)-22( security)-26( should)-54( be)-6( in)-45( line)-32( with)]TJ EMC /P <>BDC 0 -1.235 TD [(same,)-42( i.e.)-19( be)-6( limited)-52( to)-48( an)-6( assignment)-5( and)-38( pledge)-57( of)-48( the)-22( undrawn)-47( capital)-51( and)-38( of)-48( the)-22( rights)-26( of)-48( the)-22( GP)]TJ EMC /P <>BDC 0 -1.235 TD [(to)-48( make)-26( capital)-51( calls.)-16( The)-42( assignment)-5( and)-38( pledge)-57( are)-26( sometimes)-48( coupled)-27( with)-45( a)-32( power)-42( of)-48( attorney)]TJ EMC /P <>BDC 0 -1.235 TD [(granted)-21( to)-48( the)-22( lender,)-2( allowing)-35( it)-29( to)-48( make)-26( capital)-51( calls)-59( to)-48( investors)-58( on)-6( behalf)-41( of)-48( the)-22( GP)-26( following)-51( a)]TJ EMC /P <>BDC T* [(default)-57( under)-31( the)-22( credit)-26( facility.)-3( In)-48( addition,)-43( the)-22( lender)-44( may)-52( request)-18( that)-38( a)-32( blocked)-25( account)-27( be)-6( set)-19( up)]TJ EMC /P <>BDC 0 -1.235 TD [(and)-38( be)-6( subject)-8( to)-48( a)-32( security)-26( interest.)-31( The)-42( account)-27( will)-24( be)-6( used)-8( to)-48( receive)-12( the)-22( funds)-25( of)-48( investors)]TJ EMC /P <>BDC 0 -1.471 TD [(following)-51( a)-32( capital)-51( call)-29( and)-38( the)-22( lender)-44( may)-52( trigger)-48( control)-58( over)-55( the)-22( account)-27( \(or)-13( daily)-3( sweeps\))]TJ EMC ET /Link <>BDC BT /CS1 cs 0 0 1 scn /TT0 1 Tf 0 Tw 8.6897 0 0 8.6897 495.931 343.2415 Tm (8)Tj ET /CS1 CS 0 0 1 SCN 0.621 w q 1 0 0 1 495.931 342.6207 cm 0 0 m 4.966 0 l S Q EMC BT /P <>BDC /CS0 cs 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 326.4828 Tm [(following)-51( a)-32( default)-57( under)-31( the)-22( credit)-26( facility.)]TJ EMC /P <>BDC 0 -2.176 TD [(The)-42( ILPA\222s)-51( Best)-58( Practices)-6( recommend)-15( that)-38( lines)-3( of)-48( credit)-26( should)-54( be)-6( secured)-31( solely)-32( by)-3( LP)]TJ EMC /P <>BDC 0 -1.235 TD [(commitments)-55( and)-38( not)-22( by)-3( the)-22( underlying)-34( assets)-51( of)-48( individual)-8( LPs)-42( or)-52( the)-22( invested)-41( assets)-51( of)-48( the)-22( fund.)]TJ EMC /P <>BDC 0 -1.235 TD [(Based)-47( on)-6( our)-26( experience,)-7( this)-32( recommendation)-24( reflects)-12( the)-22( current)-6( market)-3( standards)-21( for)-9( such)]TJ EMC /P <>BDC 0 -1.235 TD [(facilities.)-48( Granting)-47( security)-26( over)-55( the)-22( LPs\222)-55( assets)-51( \(even)-28( if)-29( only)-48( on)-6( the)-22( units)-6( of)-48( the)-22( fund)-54( held)-51( by)-3( them\))]TJ EMC /P <>BDC 0 -1.235 TD [(is)-43( generally)-2( not)-22( an)-6( option)-41( for)-9( a)-32( fund)-54( looking)-8( to)-48( raise)-9( capital)-51( from Canadian)-14( pension)-27( funds)-25( as)-3( they)-51( are)]TJ EMC /P <>BDC 0 -1.235 TD [(usually)-6( prohibited)-21( from borrowing)-22( money)-58( \(except)-15( in)-45( limited)-52( circumstances\).)-58( Such)-15( LPs)-42( are)-26( thus)-51( often)]TJ EMC /P <>BDC T* [(concerned)-37( that)-38( the)-22( creation)-31( of)-48( certain)-58( types)-22( of)-48( obligations)-44( on)-6( their)-55( part)-42( in)-45( favour)-44( of)-48( the)-22( lender)-44( may)]TJ EMC /P <>BDC 0 -1.235 TD [(result)-26( in)-45( a)-32( violation)-38( of)-48( such)-6( prohibition.)-50( For)-29( this)-32( reason,)-18( they)-51( often)-11( impose)-12( restrictions)-48( \(by)-23( way)-46( of)]TJ EMC /P <>BDC 0 -1.235 TD [(side)-48( letters)-42( signed)-54( with)-45( the)-22( GP\))-45( on)-6( the)-22( ability)-32( of)-48( the)-22( GP)-25( to)-48( offer)-58( any)-35( such)-6( security)-26( on)-6( the)-22( pension)]TJ EMC /P <>BDC 0 -1.471 TD [(funds\222)-38( interest.)]TJ EMC ET /Link <>BDC BT /CS1 cs 0 0 1 scn /TT0 1 Tf 0 Tw 8.6897 0 0 8.6897 130.3448 187.4484 Tm (9)Tj ET q 1 0 0 1 130.3448 186.8276 cm 0 0 m 4.966 0 l S Q EMC BT /P <>BDC /CS0 cs 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 135.3103 183.7242 Tm [( Granting)-47( security)-26( over)-55( the)-22( fund\222s)-38( investment)-47( is)-43( generally)-2( not)-22( an)-6( option)-41( either)-28( as)]TJ EMC /P <>BDC -7.059 -1.235 Td [(prohibitions)-5( on)-6( assignments,)-50( among)-2( other)-15( difficulties,)-38( are)-25( usually)-6( attached)-46( to)-48( the)-22( investments.)]TJ EMC /H3 <>BDC /CS1 cs 0.427 0.753 0.404 scn 0.008 Tw 17.3793 0 0 17.3793 60.8276 135.3104 Tm [(Master)-15(-)-24(feeder)-22( and)-11( parallel)-27( fund)-18( structures)]TJ EMC /P <>BDC /CS0 cs 0 scn 0.016 Tw 10.5517 0 0 10.5517 60.8276 105.5173 Tm [(Investment)-50( funds)-25( that)-38( use)-35( master)-3(-)-20(feeder)-47( structures)-22( or)-52( have)-8( parallel)-12( funds)-25( may)-52( need)-11( to)-48( invest)]TJ EMC /P <>BDC 0 -1.235 TD [(additional)-14( time)-52( in)-45( making)-12( sure)-55( that)-38( such)-6( structures)-22( and)-38( their)-55( impacts)-26( on)-6( the)-22( fund)-54( and)-38( the)-22( lender)-44( are)]TJ EMC /P <>BDC 0 -1.235 TD [(well)-43( understood)-56( by)-3( all)-59( parties)-58( involved)-38( in)-46( setting)-54( up)-6( the)-22( line)-32( of)-48( credit)-26( .)-16( The)-42( complexity)-42( of)-48( the)-22( issues)]TJ EMC ET endstream endobj 7 0 obj <>/Font<>/ProcSet[/PDF/Text]/ExtGState 260 0 R/XObject 261 0 R>>/Rotate 0/StructParents 25/Type/Page/Tabs/S>> endobj 8 0 obj <>stream /CS0 cs 1 scn 36 766.552 576 -694.552 re f /P <>BDC q 36 72 576 695 re W n BT 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 757.2414 Tm [(raised)-42( by)-3( such)-6( structures)-22( increases)-15( with)-45( the)-22( level)-3( of)-48( complexity)-42( of)-48( the)-22( structure)-51( of)-48( the)-22( fund.)-11( For)]TJ ET EMC Q BT /P <>BDC 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 744.2069 Tm [(example,)-2( the)-22( question)-43( of)-48( whether)-31( the)-22( other)-15( funds)-24( in)-45( the)-22( structure)-51( should)-54( act)-19( as)-3( co)-3(-)-20(borrowers)-26( or)]TJ EMC /P <>BDC 0 -1.235 TD [(guarantors)-43( will)-24( probably)-47( be)-6( raised)-42( by)-3( the)-22( lender,)-2( especially)-22( if)-29( the)-22( borrowing)-22( base)-8( includes)-38( undrawn)]TJ EMC /P <>BDC 0 -1.235 TD [(capital)-51( of)-48( those)-24( other)-15( funds.)-41( However,)-12( if)-29( those)-25( assets)-51( are)-26( part)-42( of)-48( the)-22( borrowing)-22( base,)-25( one)-38( cannot)]TJ EMC /P <>BDC 0 -1.235 TD [(avoid)-22( them)-12( being)-25( part)-42( of)-48( the)-22( collateral.)-15( A)-39( careful)-58( analysis)-35( of)-48( the)-22( terms)-29( of)-48( the)-22( LPAs)-22( as)-3( well)-43( as)-3( of)-48( the)]TJ EMC /P <>BDC 0 -1.235 TD [(economic)-15( impact)-55( of)-48( decisions)-8( regarding)-11( the)-22( liability)-59( of)-48( the)-22( other)-15( funds)-25( \(including)-15( whether)-31( such)]TJ EMC /P <>BDC 0 -1.235 TD [(liability)-59( is)-43( joint)-48( or)-52( joint)-48( and)-38( several)-12( \(solidary)-45( in)-45( Qu\351bec\)\))-8( is)-43( crucial.)-9( The)-42( GP)-26( must)-9( ensure,)-18( as)-3( part)-42( of)]TJ EMC /P <>BDC T* [(such)-6( analysis,)-51( that)-38( the)-22( rights)-26( granted)-21( to)-48( the)-22( lender)-45( under)-31( the)-22( facility)-45( will)-24( not)-22( result)-26( in)-45( some)-26( LPs)-42( being)]TJ EMC /P <>BDC 0 -1.235 TD [(favoured)-50( over)-55( others)-44( in)-46( the)-22( investment)-47( fund)-54( structure.)-8( Such)-15( a)-32( situation,)-57( even)-8( if)-29( it)-29( was)-46( not)-22( intended)]TJ EMC /P <>BDC 0 -1.235 TD [(by)-3( the)-22( GP)-26( and)-38( solely)-32( results)-55( from a)-32( lender)-44( exercising)-28( its rights,)-42( could)-22( potentially)-27( cause)-38( the)-22( GP)-26( to)]TJ EMC /P <>BDC T* [(become)-31( liable)-19( to)-48( the)-22( disadvantaged)-25( LPs)-42( in)-45( certain)-58( situations.)]TJ EMC /P <>BDC -0.028 Tw 9.931 0 0 9.931 62.6897 602.069 Tm [(The)-27( GP)-55( must)-20( ensure,)-40( as)-6( part)-27( of)-41( such)-13( analysis,)-47( that)-19( the)-47( rights)-55( granted)-46( to)-41( the)-47( lender)-33( under)-5( the)-47( facility)-34( will)-49( not)]TJ EMC /P <>BDC 0 -1.187 TD [(result)-55( in)-34( some)-55( LPs)-27( being)-54( favoured)-46( over)-55( others)-33( in)-34( the)-47( investment)-40( fund)-54( structure.)]TJ EMC /P <>BDC 0.016 Tw 10.5517 0 0 10.5517 60.8276 566.6897 Tm [(These)-44( are)-26( only)-48( a)-32( few)-32( of)-48( the)-22( examples)-15( of)-48( the)-22( particularities)-51( associated)-43( with)-45( credit)-26( facilities)-32( tailored)-15( for)]TJ EMC /P <>BDC 0 -1.235 TD [(investment)-47( funds.)-41( Further,)-28( a)-32( good)-11( knowledge)-44( by)-3( the)-22( lender)-44( of)-48( the)-22( standard)-50( structures)-22( used)-8( by)]TJ EMC /P <>BDC 0 -1.235 TD [(investment)-47( funds)-24( will)-24( facilitate)-38( the)-22( due)-38( diligence)-54( process)-28( and)-38( the)-22( understanding)-16( of)-48( the)-22( various)]TJ EMC /P <>BDC 0 -1.235 TD [(concerns)-2( or)-52( issues)-48( that)-38( may)-52( arise)-9( in)-46( the)-22( context)-11( of)-48( such)-6( facilities.)-48( For)-29( example,)-2( the)-22( GP)-26( typically)]TJ EMC /P <>BDC 0 -1.235 TD [(wants)-35( to)-48( limit)-47( the)-22( documentation)-29( or)-52( requirements)-47( that)-38( a)-32( lender)-44( imposes)-42( on)-6( the)-22( LPs)-42( \(to)-9( avoid)]TJ EMC /P <>BDC 0 -1.235 TD [(unnecessary)-37( delays)-51( and)-38( costs)-19( but)-22( mostly)-52( because)-43( LPs)-42( often)-11( impose)-12( restrictions,)-6( in)-45( side)-48( letters)]TJ EMC /P <>BDC T* [(signed)-54( with)-45( the)-22( GP,)-42( on)-6( documents)-50( they)-51( can)-35( be)-6( required)-38( to)-48( execute)-27( for)-9( the)-22( benefit)-57( of)-48( a)-32( lender\).)-22( In)]TJ EMC /P <>BDC 0 -1.235 TD [(many)-26( cases,)-51( the)-22( lender)-44( requires)-35( that)-38( investors)-58( be)-6( notified)-11( of)-48( the)-22( security)-26( given)-22( by)-3( the)-22( fund)-54( and)-38( the)]TJ EMC /P <>BDC 0 -1.235 TD [(GP)-26( on)-6( the)-22( account)-27( or)-52( claim)-20( that)-38( constitutes)-43( their)-55( undrawn)-47( capital.)-8( The)-42( lender)-44( may)-52( also)-48( request,)]TJ EMC /P <>BDC 0 -1.235 TD [(instead)-11( of)-48( a)-32( mere)-16( notice,)-54( that)-38( the)-22( investors)-58( acknowledge)-46( and)-38( acquiesce)-27( to)-48( the)-22( lender\222s)-28( security)-26( and)]TJ EMC /P <>BDC 0 -1.235 TD [(its rights)-26( in)-45( case)-6( of)-48( a)-32( default)-57( under)-31( the)-22( credit)-26( facility.)-3( In)-48( some)-25( cases,)-51( the)-22( lender)-45( may)-52( also)-48( be)-6( justified)]TJ EMC /P <>BDC T* [(in)-45( obtaining)-60( confirmations)-54( from investors)-58( as)-3( to)-48( the)-22( amount)-18( of)-48( their)-55( undrawn)-47( capital.)-8( Parties)-6( should)]TJ EMC /P <>BDC T* [(be)-6( well)-43( aware)-42( of)-48( the)-22( various)-12( consequences)-23( of)-48( such)-6( requests.)]TJ EMC /P <>BDC 0 -2.176 TD [(In)-48( all)-59( cases,)-51( in)-45( order)-19( to)-48( simplify)-20( negotiations)-20( and)-38( structuring)-38( of)-48( credit)-26( facilities,)-48( the)-22( GP)-26( should)-54( also)]TJ EMC /P <>BDC 0 -1.235 TD [(have)-8( initially)-59( ensured)-34( that)-38( it)-29( has)-35( sufficient)-54( flexibility)-45( in)-46( the)-22( fund\222s)-38( LPA)-51( and)-38( in)-45( the)-22( various)-12( side)-48( letters)-42( it)]TJ EMC /P <>BDC 0 -1.235 TD [(entered)-21( into)-35( with)-46( LPs)-42( to)-48( avoid)-22( either)-28( amending)-21( the)-22( LPA)-51( or)-52( seeking)-25( consents)-57( from the)-22( LPs.)]TJ EMC /H2 <>BDC /TT1 1 Tf 0 -2.176 TD [(Reporting)-43( to)-56( LPs)]TJ EMC /P <>BDC /TT0 1 Tf T* [(Notwithstanding)-4( the)-22( foregoing,)-24( subscription)-18( credit)-26( facilities)-32( remain)-3( an)-6( effective)-41( fund)-54( management)]TJ EMC /P <>BDC 0 -1.235 TD [(tool.)-51( As)-9( such,)-22( restrictions)-48( imposed)-44( by)-3( LPs)-42( should)-54( aim)-36( to)-48( ensure)-2( that)-38( such)-6( facilities)-32( are)-26( used)-8( by)-3( the)]TJ EMC /P <>BDC 0 -1.235 TD [(GP)-26( in)-45( an)-6( effective)-41( and)-38( appropriate)-60( manner)-22( \(and)-58( that)-38( rights)-25( granted)-21( to)-48( the)-22( lender)-44( do)-6( not)-22( overly)]TJ EMC /P <>BDC T* [(expose)-11( LPs\).)-19( One)-51( important)-8( concern)-31( for)-9( LPs,)-58( however,)-2( should)-54( be)-6( to)-48( ensure)-2( that)-38( the)-22( GP\222s)-9( reporting)]TJ EMC /P <>BDC 0 -1.235 TD [(on)-6( the)-22( use)-35( of)-48( the)-22( facility)-46( is)-43( adequate.)-23( GPs)-55( should)-54( also)-48( be)-6( forthcoming)-11( in)-46( that)-38( regard.)-8( The)-42( ILPA\222s)]TJ EMC /P <>BDC 0 -1.235 TD [(Best)-58( Practices)-6( recommend)-15( that)-38( detailed)-27( quarterly)-51( reports)-6( be)-6( provided)-47( to)-48( LPs)-42( as)-3( to)-48( the)-22( following)]TJ EMC /P <>BDC 0 -1.235 TD [(information:)-11( the)-22( number)-22( of)-48( days)-6( outstanding)-6( for)-9( each)-8( drawdown,)-47( the)-22( current)-6( use)-35( of)-48( the)-22( proceeds)-5( of)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( lines)-3( of)-48( credit,)-42( the)-22( net)-22( IRR)-43( with)-46( and)-38( without)-8( the)-22( use)-35( of)-48( the)-22( credit)-25( facility,)-3( the)-22( terms)-29( of)-48( the)-22( credit)]TJ EMC /P <>BDC T* [(facility)-45( \(term,)-36( upfront)-5( fee,)-38( standby)-27( fees,)-8( etc.\))-55( and)-38( costs)-19( to)-48( the)-22( fund)-54( \(interest)-35( and)-38( fees\).)-28( They)-12( also)]TJ EMC /P <>BDC 0 -1.235 TD [(suggest)-27( that)-38( advisory)-42( committees)-6( include)-8( discussing)-38( the)-22( lines)-3( of)-48( credit)-26( as)-3( part)-42( of)-48( the)-22( meetings\222)]TJ EMC /P <>BDC 0 -1.235 TD [(agenda)-17( to)-48( allow)-16( investors)-58( sitting)-35( on)-6( such)-6( committees)-6( to)-48( assess)-6( whether)-31( the)-22( terms)-29( of)-48( the)-22( facilities)-32( are)]TJ EMC /P <>BDC T* [(considered)-50( consistent)-27( with)-45( \223market\224)-43( practices.)]TJ EMC /P <>BDC 0 -2.176 TD [(The)-42( ILPA)-8( also)-48( proposes)-5( that)-38( detailed)-27( information)-54( on)-6( the)-22( terms)-29( of)-48( the)-22( facilities)-32( be)-6( disclosed)-8( to)-48( LPs,)]TJ EMC /P <>BDC 0 -1.235 TD [(including,)-11( for)-9( example,)-2( terms)-29( that)-38( may)-52( introduce)-5( additional)-14( risks)-4( to)-48( the)-22( fund)-54( \(e.g.)-58( any)-35( provision)]TJ EMC /P <>BDC 0 -1.235 TD [(providing)-2( lender)-45( discretion)-15( over)-55( management)-46( decisions,)-25( or)-52( providing)-2( exposure)-5( beyond)-14( the)-22( amount)-18( of)]TJ EMC /P <>BDC T* [(unfunded)-6( commitments\).)]TJ EMC /P <>BDC 0 -2.176 TD [(GPs)-55( should)-54( also)-48( ensure)-2( that)-38( the)-22( right)-55( to)-48( use)-35( such)-6( credit)-26( facilities)-32( is)-43( well)-43( described)-18( in)-45( the)-22( offering)-18( or)]TJ EMC ET endstream endobj 9 0 obj <>/Font<>/ProcSet[/PDF/Text]/ExtGState 284 0 R/XObject 285 0 R>>/Rotate 0/StructParents 29/Type/Page/Tabs/S>> endobj 10 0 obj [18 0 R 19 0 R 22 0 R 21 0 R 20 0 R] endobj 11 0 obj <>stream /CS0 cs 1 scn 36 766.552 576 -405.31 re f /CS1 cs 0.475 0.71 0.173 scn 60.828 626.897 476.69 -0.621 re f /P <>BDC q 36 72 576 695 re W n BT /CS0 cs 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 757.2415 Tm [(private)-58( placement)-34( memorandum)-8( distributed)-34( to)-48( investors.)]TJ ET EMC Q BT /H2 <>BDC /CS0 cs 0 scn /TT1 1 Tf 10.5517 0 0 10.5517 60.8276 734.276 Tm (Conclusion)Tj EMC /P <>BDC /TT0 1 Tf 0.016 Tw 0 -2.176 TD [(Subscription)-27( credit)-26( facilities)-32( for)-9( investment)-47( funds)-25( must)-9( be)-6( tailored)-15( to)-48( this)-32( very)-52( specific)-19( industry.)]TJ EMC /P <>BDC 0 -1.235 TD [(Applying)-47( the)-22( principles)-12( of)-48( traditional)-18( lending)-11( to)-48( such)-6( facilities)-32( will)-24( result)-26( in)-45( the)-22( inadequacy)-4( of)-48( the)]TJ EMC /P <>BDC 0 -1.235 TD [(facility)-45( and)-38( will)-24( not)-22( serve)-26( any)-35( party\222s)-55( interest.)-31( For)-29( all)-59( parties)-58( involved,)-54( one)-38( essential)-54( rule)-39( remains:)-48( the)]TJ EMC /P <>BDC 0 -1.235 TD [(economics)-44( of)-48( a)-32( fund)-54( and)-38( the)-22( mechanisms)-35( of)-48( the)-22( facility)-46( must)-9( be)-6( well)-43( understood)-56( by)-3( all)-59( so)-3( that)-38( the)]TJ EMC /P <>BDC 0 -1.235 TD [(credit)-26( agreement,)-1( the)-22( LPA)-51( and)-38( the)-22( side)-48( letters)-42( are)-26( aligned)-11( and)-38( operate)-21( without)-8( conflicts.)-51( What)-19( you)]TJ EMC /P <>BDC 0 -1.235 TD [(want)-6( in)-45( the)-22( end)-38( is)-43( a)-32( well)-43(-)-20(oiled)-6( machine.)]TJ EMC /P <>BDC 0 Tw 8.069 0 0 8.069 60.8276 618.8277 Tm ( )Tj EMC /LI <>BDC 8.6897 0 0 8.6897 73.2414 599.5864 Tm (1)Tj 0.008 Tc -0.008 Tw 0.571 0 Td (. )Tj EMC /LBody <>BDC 0 Tc 0.008 Tw 0.857 0 Td [(Most)-47( private)-70( equity)-46( and)-46( venture)-22( capital)-39( funds)-54( are)-55( structured)-54( as)-15( limited)-40( partnerships)-69( whereby)-7( the)-39( manager)-54( is)-64( acting)]TJ EMC /LBody <>BDC 0 -1.214 TD [(as)-15( general)-22( partner)-46( of)-23( the)-38( fund.)]TJ EMC /LI <>BDC 0 Tw -1.429 -1.214 Td (2)Tj 0.008 Tc -0.008 Tw 0.571 0 Td (. )Tj EMC /LBody <>BDC 0 Tc 0.008 Tw 0.857 0 Td [(For more)-8( information)-54( on)-31( the)-39( method)-22( of)-23( determination)-13( of)-23( the)-39( distribution)-22( waterfall,)-70( see)-31( our)-55( article)-47( entitled)-62( )]TJ EMC ET /Link <>BDC BT /CS1 cs 0 0 1 scn /TT0 1 Tf 0 Tw 8.6897 0 0 8.6897 490.3448 578.4829 Tm (\223Private)Tj ET /CS1 CS 0 0 1 SCN 0.621 w q 1 0 0 1 490.3448 577.8623 cm 0 0 m 30.414 0 l S Q EMC /Link <>BDC BT /TT0 1 Tf 0.008 Tw 8.6897 0 0 8.6897 85.6552 567.9312 Tm [(equity)-46( fund)-54( economics)-7( in)-8( Canada:)-6( an)-31( overview)-55( of)-23( the)-39( essentials\224)-7( published)-6( in)-8( December)-31( 2014)-62( in)-8( the)-39( Lavery)-70( Capital)]TJ ET q 1 0 0 1 85.6552 567.3105 cm 0 0 m 448.138 0 l S Q EMC /Link <>BDC BT /TT0 1 Tf 8.6897 0 0 8.6897 85.6552 557.3795 Tm [(newsletter)-14( No.)-15( 3.)]TJ ET q 1 0 0 1 85.6552 556.7588 cm 0 0 m 65.793 0 l S Q EMC BT /LI <>BDC /CS0 cs 0 scn /TT0 1 Tf 0 Tw 8.6897 0 0 8.6897 73.2414 546.8277 Tm (3)Tj 0.008 Tc -0.008 Tw 0.571 0 Td (. )Tj EMC /LBody <>BDC 0 Tc 0.008 Tw 0.857 0 Td [(In)-23( addition,)-6( given)-39( that)-46( LPs)-63( must)-47( ensure)-14( that)-46( their)-55( capital)-39( is)-64( readily)-55( available)-54( to)-23( answer)-63( cash)-31( calls,)-8( such)-31( capital)-38( would)]TJ EMC /LBody <>BDC 0 -1.214 TD [(generally)-14( produce)-30( low)-71( returns)-31( \(or)-64( no)-31( returns)-31( at)-23( all\).)-32( This)-39( is)-64( one)-46( more)-8( reason)-14( why)-8( LPs)-63( prefer)-31( to)-23( have)-46( their)-55( capital)]TJ EMC /LBody <>BDC 0 -1.214 TD [(used)-46( by)-15( the)-38( fund)-54( manager)-54( as)-15( early)-47( as)-15( possible)-46( to)-23( generate)-53( returns.)]TJ EMC /LI <>BDC 0 Tw -1.429 -1.214 Td (4)Tj 0.008 Tc -0.008 Tw 0.571 0 Td (. )Tj EMC /LBody <>BDC 0 Tc 0.008 Tw 0.857 0 Td [(This)-40( is)-64( also)-23( why)-8( GPs)-55( would)-31( never)-70( simply)-24( call)-71( the)-39( capital)-38( of)-23( LPs)-63( regularly)-23( in)-8( advance)-6( in)-8( anticipation)-13( of)-23( future)-14( portfolio)]TJ EMC /LBody <>BDC 0 -1.214 TD 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