Orrick Library Seminar: Swinging Gates – Managing Hedge Fund Liquidity

Session #2 * all sessions are identical

Seminar | August.15.2019 | 12:30pm - 2:00pm (Hong Kong Time)

Orrick Hong Kong

The start-up hedge fund market is finally showing signs of life. And just in time for the coming global market slowdown. Which means that hedge fund managers—and hedge fund investors—really need to consider the liquidity profiles of their funds in the context of avoiding liquidity traps during times of market stress. Please join Scott Peterman as he discusses ways for fund managers to create liquidity buffers, integrate investment horizons with appropriate liquidity profiles, and create more fund stability.

Highlights of the course include:

  • What is the purpose of a gate?
  • Does every fund need a gate?
  • Types of Gates: Fund Gate and Investor Gate
  • Fund Gate Design
    • Who is subject to a gate?
    • Gates should sync with redemption dates
    • Size of gate / “protective provisions”
    • Date of determination
    • Gate Usage
    • What does “pro rata” really mean?  Avoiding races to the exit
    • Should earlier gated requests have priority?
    • Clean-up provisions
    • Offsetting subscriptions
    • Integrating redemption fees with gates
    • Mandatory vs elective gates
  • Investor Gate or Staggered Redemption Design
  • Combining Gates
  • Suspension
  • Liquidating Redemption Distributions and Side Pockets
  • How can a hedge fund accommodate investments with differing investment horizons?

CPT/CLE Credit

1 CPT/CLE credit is being accredited for this seminar. No CPD point will be accredited.

To register, please follow the RSVP link above by 9 August 2019.

Seats are available on a first-come, first-served basis. Walk-ins will NOT be accepted on the day of the seminar.

For questions about the seminar, please contact Becky Wong at +852 2218 9242 or [email protected].

CLE Credits Available: Y

356102

Practice:

  • M&A and Private Equity
  • Funds
  • Fintech
  • Real Estate
  • Technology Companies Group
  • Derivatives
  • China
  • Japan

Scott Peterman Partner M&A and Private Equity, Funds

Hong Kong

Scott Peterman, a partner in Orrick’s Hong Kong office, is a member of the M&A and Private Equity Group.

Scott focuses on representing private fund sponsors and investors in the formation of alternative investment vehicles, including pan-Asian private equity funds, venture capital funds, infrastructure and real estate funds, private REITs, hedge funds, hybrid funds, emerging manager platform funds, Hong Kong authorized funds, and emerging market ETFs. In addition, he has advised on more than 150 account arrangements, representing sovereign wealth funds, universities, seeding and first-loss capital programs, family offices and individual investors.

Scott has extensive experience representing both Chinese state-owned enterprises and private companies in a broad range of M&A transactions, leveraged buyouts, venture capital financings, as well as relevant regulatory and compliance matters. He also counsels FinTech start-ups, develops compensation and profit-sharing schemes, and assists entrepreneurs in managing their wealth. 

Scott offers clients a unique perspective with in-depth knowledge in the technology and telecommunications industries, having served for 13 years as a Silicon Valley senior executive prior to practicing law, including as Apple’s first country manager for China and Korea, director of Asia Pacific for Alcatel Data Networks and director of North American Corporate Development for Cable & Wireless.

Scott has been consistently recognized by various prestigious legal publications such as Chambers Asia, Asia-Pacific Legal 500, IFLR1000 and Who’s Who Legal. He gains high praise from clients for his “incredible base of knowledge”, “commercial acumen” and “awareness of what the client wants.” He is known as “a very experienced practitioner” with “unparalleled” expertise in “complex economic structures”“Scott’s ability to understand what we wanted to accomplish and tailor-make our documents to our needs rather than giving us a ‘pre-hashed, cut-and-paste’ set of documents made him an unequivocal favourite,” a client noted. As an IFLR-designated "market leader," Scott has been characterized as one of the "true leaders of their field," with "a track record of high profile innovative deals" and "recognised as the standout performers in their country or practice area."

Scott’s personal research reflects his continuing interest in early Chinese Zen Buddhism. He is the translator of the Tang Dynasty classic, “Treatise on the Essential Path for Entering the Way through Sudden Enlightenment” and the Song Dynasty “Record of Dazhu’s Responses to Questions of Disciples from All Over.”

Prior to joining Orrick, Scott worked at Jones Day and Sidley Austin in Hong Kong, and practiced in the United States, United Kingdom, and Japan for many years.