Private Equity Partnership Agreements

Tuesday, February 21, 2017 | 1:00 PM ET | 6:00 PM GMT

Private equity partnership agreements are extremely complex and full of difficult-to-comprehend terms. Many of these provisions have the effect of allowing private equity managers to engage in practices that investors did not intend to permit. As a result, the economics for private equity managers are often materially more favorable to them than investors realize. The program will present evidence for this better-than-expected economics for private equity managers and describe various little-understood tactics used to improve the deal for PE managers and what, if anything, investors can do.

Learning Objectives: 

• Improved understanding of the gap between the deal investors often think they negotiated and what agreements actually say
• Improved understanding of methods used to improve PE manager economics
• Examination of negotiation tactics to improve investor outcomes

Featuring Industry Expert Michael Flaherman

Michael Flaherman is a visiting scholar at UC Berkeley who studies private equity terms. He is a former longtime executive at a private equity firm and previously held a senior role at a major limited partner investor in private equity.

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