PE Fund Considerations In Light Of Del.’s LLC Debate

Law360, New York (February 20, 2013, 4:57 PM EST) -- Partners of private equity funds and other investment partnerships should take notice of recent Delaware court decisions that have created some uncertainty over whether Delaware Limited Liability Company managers owe “default” fiduciary duties. This uncertainty highlights the often ignored need for private equity funds to specify the scope of fiduciary duties for holding companies of the portfolio investments to make clear the extent, if any, of the fiduciary duties of the directors of that holding company.

To avoid any uncertainty, in drafting or amending an LLC...
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