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Article Excerpt
Byline: Kelly Holman
When Fort Worth-based TPG allowed its investors to reduce their commitments to its latest fund by up to 10% or $2 billion earlier this year, following the lead of London's Permira, it illustrated the concern financial sponsors have had about the ability of their investors to fund private equity deals.
In particular, it raised the notion that some limited partners might actually default on their obligations to fund new investments on behalf of their private equity fund partners.
A panel, moderated by Dow Jones' Shasha Dai, at ACG's InterGrowth conference in mid-May, alluded to this possibility. Paul Verbesey, of Goodwin Procter, noted that LPs, when they're vetting new fund commitments, are pressing general partners to agree to caps on capital calls. The idea is that the caps would allow...
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