tailieunhanh - PE/VC Partnership Agreements Study 2012-2013

The signing of the Global Political Agreement (GPA) in 2008 and the creation of the Inclusive Government provided a new beginning for Zimbabwe. Progress on the implementation of the GPA has, however, been important elements have been implemented such as amendments to the Electoral Act, the appointment of independent Commissions to address Media, Human Rights and Election issues and the issuing of Print and Media Licenses (15 in 2010). Furthermore, a Land Audit Commission and a National Economic Council have been established. However, these Commissions are not fully functional because of lack of resources and clear legislative frameworks. A. | INVESTMENT BENCHMARKS REPORT 2012 PE VC Partnership Agreements Study 2012-2013 From the Editors of Buyouts and VCJ Second Edition David M. Toll Editor-in-Charge Thomson Reuters Buyouts Magazine Viktoriya Vayner Research Associate Thomson Reuters Deals Group ws THOMSON REUTERS PE VC PARTNERSHIP AGREEMENTS STUDY 2012-2013 TABLE OF CONTENTS Preface Guide to Tables and Charts 5 7 Annual Meetings Travel Expenses Outside Consultants 63 63 64 I. Description of Sample and Methodology 9 Reverse Break-up Fees 64 Sample Composition 9 Placement Agents 65 Firm Size 10-12 How Shared Expenses Get Allocated 66 Composition of International Sample 13 Breakdown by Fund Size 14 IV. Distributions and Profit Sharing 67 Carried Interest 67 II. Fund Formation and Operation 15 Treatment Of Fees and Expenses 69 Fund Term and Investment Period 15 Impact of Proposed Changes to Carry Taxation 70 Approvals Required For Extensions 17 Carried Interest 2012-2013 71 Recycling Provisions 20 Distribution Waterfall 72 Limits on Recycling Provisions 21 Deal by Deal 74 Bridge Financings 23 Return all Capital 75 Limits on Bridge Financings 24 Priority Return 74 Fundraising Timing 26 Catch-up Provision 76 Co-investment Rights 29 Net Asset Value Test 77 Cherry-picking Investments 30 Distribution Waterfall 2012-2013 77 LP Co-investment Rights 31 GP Clawback 79 Unrelated Business Taxable Income 33 How Calculated 80 Capital Calls and Default Penalties 35 Escrow Accounts 81 Side Letters Most Favored Nation 38 Clawback Guarantee 82 GP Contribution 40 True-ups 83 How GP Contribution is Funded 42 GP Clawback 2012-2013 84 GP Contribution 2012-2013 43 Distribution Methods 84 Investment Restrictions 44 Cash Distributions 84 Fund Leverage 46 Freely Tradable Securities 85 Friends and Family Funds 48 Sale of Securities for Cash 86 Valuation of Freely Tradable Securities 87 III. Fees and Expenses 50 Dividends and Interest 88 Management Fees 50 Short-term Investments 89 Tiered Fees 51 Tax Liability Distributions 90 How .

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