Timothy Spangler Quoted in Private Equity International on Annex Funds
November 2009
Timothy Spangler, Partner and Chair of the Investment Funds Group, was quoted in the November 2009 issue of Private Equity International in the article titled “Annex Funds; A Partner Less Limited.” The article discusses a new annex fund raised by Investindustrial that has brought limited partners closer to the investment process. The fund terms grant LPs greater transparency and power in the fund's investment decisions, giving LPs the power to vote against transactions. Mr. Spangler commented that there is no norm for annex fund terms and conditions, as each vehicle is created to address particular situations. “They are a new beast and a feature of this point of the cycle,” Mr. Spangler says. “The variation in terms is much wider than you would get with traditional private equity funds.”