Orrick Library Seminar: Swinging Gates – Managing Hedge Fund Liquidity

Session #1 * all sessions are identical

Seminar | August.14.2019 | 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:

  • 并购与私募股权
  • 基金
  • 金融科技
  • 房地产
  • Technology Companies Group
  • 衍生产品
  • 中国业务
  • 日本业务

毕德民 (Scott Peterman) 合伙人 并购与私募股权, 基金

香港

毕德民律师是奥睿香港办事处的合伙人,现为并购与私募股权业务部成员。

毕律师专注于代表私人基金发起人和投资者处理另类投资工具的设立事宜,包括泛亚洲私募股权基金、风险资本基金、基础设施和房地产基金、私人房地产投资信托、对冲基金、混合型基金、新兴管理人平台基金、香港授权基金及新兴市场交易所买卖基金(ETF)等。此外,他曾代表主权财富基金、大学、种子和先损资本计划、家族办公室以及个人投资者就超过170个管理账户安排提供法律意见。

毕律师具有代表中国国企和私企处理各类事宜的丰富经验,包括并购交易、杠杆收购、风险资本融资以及相关的监管和合规事宜。他还为金融科技初创公司提供咨询、制定薪酬和利润分享计划以及协助企业家管理财富。

毕律师对科技和电信行业具有深入了解,能为客户提供独特的视角。在开始法律生涯之前,他曾在硅谷任职高级管理人员13年,包括担任苹果公司中国和韩国的首位国家业务主管、阿尔卡特数据网络公司(Alcatel Data Networks)亚太区总监以及大东电报局(Cable & Wireless)北美企业发展总监。

毕律师一向获得众多著名法律出版物的高度认可,例如《钱伯斯亚洲》、《亚太法律500强》、《国际金融法律评论1000强》和《Who’s Who Legal》等。他凭借“渊博知识”,“商业触觉”和“了解客户需要的认知”赢得客户赞扬。他被誉为在“复杂的经济结构”方面具有“无可比拟”之专长的“资深法律从业者”。一位客户曾赞扬毕律师能“充分理解我们的目标,根据我们的需要编订文件,而不是随便交出预先备好、千篇一律的文件,令他成为我们最喜爱的律师。”《国际金融法律评论》称毕律师为“市场领导者”,他也被誉为“所属领域的真正领导者”之一,拥有“知名和创新案例的往绩”,更被认可为“该执业地区或领域的杰出人物”。

毕律师的个人研究展现了他对早期中国禅宗佛教的兴趣。他曾翻译唐代经典著作《顿悟入道要门论》和宋代《诸方门人参问》。

在加入奥睿之前,毕律师曾任职于众达国际法律事务所(Jones Day)和盛德律师事务所(Sidley Austin)香港办事处,也曾在美国、英国和日本执业多年。