I’ll start this series by providing an overview of the acquisition agreement (also referred to as a purchase and sale agreement, share purchase agreement, or sale and purchase agreement). This post will cover the purpose of the acquisition agreement, often abbreviated as SPA, and the key sections within the SPA. I will not explore any section in detail in this post; rather, I want to show how all the pieces fit together before delving into any section.…
I recall when Crouching Tiger, Hidden Dragon(《卧虎藏龙》) came out in 2001, way back in the misty years of my youth. It was the first martial arts movie I had watched since the mid-1990s. I was stunned. It…
In May 2015, I wrote a blog post about the potential of the blockchain. I was optimistic about its potential.1Yet, recent Bitcoin developments suggest that I should re-visit my opinion about Bitcoin and the blockchain in light of new information.
The new information included, firstly, the very public resignation of Mike Hearn, a former Bitcoin core developer, from the project, complete with a post on Medium titled, “The resolution of the Bitcoin experiment”.…
Recently, while taking Professor David Wessels’ excellent Venture Capital and the Finance of Innovation, I was reminded of one of the fund terms that often ended up being carefully scrutinized and negotiated by limited partners: the recycling provision.
I’ve seen various forms of recycling provisions in practically every post-2008 vintage private equity, real estate, infrastructure, and venture capital fund that I have seen in the six years that I worked with Partners Group’s fund-of-funds arm; I would go as far as to call them pretty much ubiquitous in the industry.…
It is now the second week of 2016. 2016. It seemed so far away, when I left the industry to begin my MBAat Wharton.
I’ve recently had the pleasure of discussing the state of the private equity industry with a few industry participants whose opinions I respect. These discussions have crystalized a number of thoughts on the state of the private equity industry as we enter 2016.…
