The use of managed accounts as an investment vehicle has been widely publicized of late with institutional investors such as the California State Teachers’ Retirement System and the New York State Common Retirement Fund (referring to such vehicles as “separate accounts”), and the Teacher Retirement System of Texas and the New Jersey Division of Investment (referring to such vehicles as “strategic partnerships”) making sizeable investments with high-profile private equity firms such as Apollo Global Management, LLC, Kohlberg Kravis Roberts & Co. and the Blackstone Group.
Regardless of name, these tailored investment vehicles represent a significant trend, with 32% of surveyed fund managers indicating they were intending to invest more from separate accounts during 2013. And although structurally divergent from commingled real estate or private equity funds (“Funds”), these separate accounts share a common objective with Funds: to produce strong returns with respect to invested capital in the most efficient manner possible.
Mayer Brown is a global legal services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown Hong Kong LLP (a Hong Kong limited liability partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) (collectively, the “Mayer Brown Practices”). The Mayer Brown Practices are established in various jurisdictions and may be a legal person or a partnership. PK Wong LLC (“PKW”) is the constituent Singapore law practice of our licensed joint law venture in Singapore, Mayer Brown PK Wong Pte. Ltd. More information about the individual Mayer Brown Practices and PKW can be found in the Legal Notices section of our website.
“Mayer Brown” and the Mayer Brown logo are the trademarks of Mayer Brown.
Attorney Advertising. Prior results do not guarantee a similar outcome.