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Advisory committees in US and European private equity funds

Advisory committees, consisting of a select group of limited partners, have become commonplace for private equity funds in both the US and Europe. Michael Harrell and Geoffrey Kittredge of Debevoise & Plimpton discuss the benefits of these committees for both investors and fund managers.

The committee is able to monitor the fund’s progress through regular meetings with the fund manager. It is also able to help solve some of the collective action problems that fund managers face when they consult with investors before pursuing a course of action, particularly if conflicts of interest questions arise.

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Debevoise & Plimpton, an international law firm, was founded in 1931. The firm, which now has more than 500 lawyers, provides international services in corporate, litigation, tax, and trusts and estates law. Debevoise & Plimpton offices are located in New York, Washington, DC, London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai.

Reprinted with permission from The Debevoise & Plimpton Private Equity Report.  © 2003 Debevoise & Plimpton.  All rights reserved.  No portion of this article may be reproduced without the express consent of the authors.