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Stock Purchase Agreement Series — Overview

The acquisition agreement is one of the most important transaction documents in a private equity deal. It is long, verbose, and difficult to understand without the benefit of years of deal experience. In light of my six years of experience doing deals in Asia and Europe, and in the spirit of Brad Feld’s excellent series of blog posts on term sheets, I’ve decided to write a series of blog posts on the acquisition agreement.…

Crouching Tiger Hidden Dragon Sword of Destiny Review

Why the [EXPLETIVE REDACTED] did anyone think it was a good idea to make a sequel to Crouching Tiger, Hidden Dragon without Ang Lee directing it? I recall when Crouching Tiger, Hidden Dragon (《卧虎藏龙》) came out in 2001, way back in the misty…

Further Thoughts on the Blockchain

Bitcoin and the blockchain have been in the news recently, and not necessarily for the right reasons. In light of this, I have decided to revisit some of my original thoughts on the Bitcoin and the potential of the blockchain. In May 2015, I wrote a blog post about the potential of the blockchain.…

Recycling Provisions in Private Equity Funds

Recycling provisions in a private equity fund’s limited partnership agreement are often subject to heavy negotiation between the general partner and limited partners. 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.…

Thoughts on the State of the Private Equity Industry, 2016

With the coming of a new year, I’ve had some time to think about the state of the private equity industry—a dangerous pasttime, I know. Yet, it seems like a good time to set down some reflections on the state of the industry in 2015 and some thoughts for what may come in 2016, particularly in the areas of fundraising, valuations, sovereign wealth funds, and Asian private equity.…