Tag: fund structure
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Episode 10: Why Equalisation Exists – Why Fairness Matters Among Investors
Why should investors who enter a fund at different times be treated fairly? This article explores equalisation, funding costs, and the broader question of fairness among LPs in private fund structures.
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Episode 9: Why Waterfalls Exist
Waterfalls are often described as distribution mechanics, yet their real purpose is something deeper. They are incentive architectures designed to balance the interests of GPs and LPs. This article explores the history and logic behind the structures we see today.
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Episode 4: Why Japan Loves Unit Trusts (again) — and When Partnerships Work Better
A clear comparison of Japan’s unit trusts and partnership structures. This article explains how history, liquidity, tax treatment, and investment targets shape the choice of vehicle for practitioners and international readers.
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Episode 3: Comparing the three vessels of fund structures
A quiet, structured comparison of Japan’s three fund “vessels”: company-type, contract-type, and partnership-type. Explains governance, liability, transparency, and the differences among NK, TK, and LPS.
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How Many Times Does a Person Actually Build a Fund in Their Lifetime?
Most people will never build a fund in their entire life. Even in the investment industry, only a tiny fraction of professionals ever become GPs, and most of them will launch maybe one or two funds over the course of their career. A handful might reach ten. That’s it. Which means something important: fund structures…
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Episode 2: Who Gets Involved When You Build a Fund?— A Practical Walkthrough of the Fund Formation Process
A clear, practical walkthrough of who gets involved when building a fund—investors, tax advisors, lawyers, auditors, administrators, directors, and more. Learn the full fund formation process from a real-world perspective.