Teacher Retirement System of Texas plans to reduce its private equity target allocation to 12% from a current exposure of 16.7% starting in October. The planned reduction, which may be implemented over a number of years. For now, the change in target allocation likely means reduced new commitments, while some of the rebalancing could be accomplished by fund AUM growth.

At the bottom of the stack in investment fund structures, there are generally “real” assets—things like equity interests in portfolio companies, mortgage loans, commercial receivables, maybe even bricks and mortar. Fund finance transactions, though, are by design crafted to be at several levels removed from such underlying assets. With such ultimate assets remote from the transaction, it may seem to fund finance practitioners that concerns about changes in the Uniform Commercial Code (“UCC”) relating to the nature of collateral assets are just as remote.

Summer 2024 Editor: Melanie Willems IN THIS ISSUE “Seething on a jet plane” - conditions precedent and time of the essence in commercial contracts by Jack Spence 03 09 11 24 Diamonds aren’t forever: who is vicariously responsible when they have been stolen?

There's been a flurry of regulatory activity in the UK and Europe over the past few weeks. Here's a look at the highlights.

On May 16th, the DOL released interim final rules (the “Final Rules”) and an amendment to Prohibited Transaction Exemption 2006-06 (the “Amendment to PTE”), effective July 16, 2024, amending the DOL’s Abandoned Plan Program (the “APP”) to allow Chapter 7 bankruptcy trustees to use the APP to terminate, wind up, and distribute assets from a bankrupt company’s retirement plan.

One of the most important aspects in arranging any fund finance transaction is structuring the security package. As anyone that has ever looked at a complete structure chart for a fund financing transaction knows, even a “simple” private fund structure typically involves a number of different entity types (limited partnerships, limited liability companies, etc.) organized in several jurisdictions (Delaware, the Cayman Islands, Luxembourg, etc.).

In the decision in Woodhouse, in the matter of Panoramic Resources Limited [2024] FCA 449, handed down this week (1 May 2024) by Feutrill J, the Federal Court of Australia considered the meaning of ‘Secured Property ‘as defined in a specific security deed and the extent to which phrases such as ‘…in respect of’ could expand the types of collateral the subject of that defined term (and hence the collateral the subject of the specific security d

Legal proceedings need to be filed before the end of any relevant limitation period, otherwise they will be time-barred — often irreparably. There are various reasons why a person may delay commencing proceedings – for example, they may be waiting on litigation funding before prosecuting their claim or need more time to gather evidence in order to decide whether to proceed.

The decision in RPPS v Brookfield is the first recorded instance of s 151 of the PPSA being enforced (with a $30,000 penalty imposed for an improper registration). It serves as a caution to those making spurious registrations, but reasonably diligent and responsible parties should have no cause for alarm.

The decision in RPPS v Brookfield is the first recorded instance of s 151 of the PPSA being enforced (with a $30,000 penalty imposed for an improper registration). It serves as a caution to those making spurious registrations, but reasonably diligent and responsible parties should have no cause for alarm.

Overview of section 151 of the Personal Property Securities Act 2009