Law360, New York (April 22, 2015, 10:25 AM EDT) -- The five-year investment period set forth in the limited partnership agreements of many private equity firms have now elapsed, and these firms ("sellers") are now in harvest mode with respect to the portfolio companies remaining in their funds. Achieving attractive return on investment multiples is their highest priority because, among other things, their ability to raise a new fund is significantly dependent upon past performance on a realized basis. As a result, investment banks are being hired to sell these portfolio companies and to create private auctions in order to do so on the theory that such a process will foster competition so as to achieve the highest purchase price and best terms possible....