An official who has performed a function or discharged a duty allocated to him has no further status in the matter.

Includes any estate or property held for the benefit of any person or class of person and any fund to which a trustee or personal representative is entitled in that capacity

A carried interest economic model that looks at the fund as a whole and references the fund's profits over its lifetime. Where this approach is taken, the waterfall is applied by reference to the whole fund so the fund is likely to include a catch-up mechanism. The waterfall moves on to the catch-up (if any) and carried interest only after the investors have received back all of their drawn-down capital and the necessary preferred return. The 'fund as a whole' type of economic model is more common in the UK and Europe and is in contrast to the ‘deal-by-deal‘model.

This Practice Note: • gives an overview of the three main forms of fund finance: ◦ capital call facilities (also known as equity bridge facilities) ◦ net asset value (NAV) (or asset backed) facilities, and ◦ hybrid facilities • discusses green and sustainability-linked finance as well as some types of fund-related finance, GP/Manager facilities and co-invest facilities, and • outlines key security and documentary considerations, including financial covenants, representations, undertakings, events of default and prepayment events The capital call facility market is relatively mature and capital call facilities are fairly standardised, with some divergences in determining investor creditworthiness and other variations driven by different fund structures. NAV facilities and hybrid facilities, on the other hand, can follow a number of different forms and have divergent security packages and covenant structures due to their inherent flexibility. Much of this Practice Note assumes that facilities are lent into a typical private equity fund structure using a limited partnership registered under the Limited Partnerships Act

A fund set up to invest in several other funds. Fund of funds are specialist private equity investors and have existing relationships with firms. They may be able to provide investors with a route to investing in particular funds that would otherwise be closed to them. Investing in fund of funds can also help spread the risk of investing in private equity because they invest the capital in a variety of funds, but can create several layers of fees for investors.

An investment benchmark set with reference to a fund's particular objectives.

Scope of this Practice Note This Practice Note explains the concept of fund tokenisation and digitalisation and how they differ from traditional funds; explores UK and international regulatory initiatives, with particular reference to ongoing UK workstreams; outlines practical steps to establish a tokenised fund; assesses the benefits of distributed ledger technology (DLT) in the funds context; identifies key challenges and risks; and sets out suggested next steps for practitioners. What is fund tokenisation and digitalisation? Fund tokenisation is the process of representing elements of a fund’s administration and investor interests in digital tokens recorded on a blockchain ledger. The ‘token’ is a digital representation of a conventional unit or share in a UK authorised fund. The legal nature of the investor’s interest remains that of a traditional fund unit/share, the innovation lies in how ownership and fund records are represented and maintained. In a traditional UK authorised fund, the unit/share register, asset register and client records are maintained in conventional book-entry databases across multiple service providers. Reconciliations between disparate systems

A party providing finance for a development, usually to a developer. A fund will usually review the terms of the building contracts and consultants' appointments before approving the investment, and is likely to influence the terms that the employer will accept in the building contract as it will want to protect its investment. The fund will require the issue of suitable collateral warranties from the contractor, consultants and some, if not all, sub-contractors (usually including step-in rights).

EU Law analysis: Heidi Waem, Jeanne Dauzier and Muhammed Demircan, partners and associates at DLA Piper respectively consider the Fundamental Rights Impact Assessment (FRIA) imposed by the EU Artificial Intelligence Act (EU AI Act) upon deployers and operators of high-risk AI systems.

An assessment of a company's share value and potential for future cashflows and profits based on accounting, economic and business information (hence fundamental factors).

The exact definition of fundamental dishonesty is not defined in the CPR or the Criminal Justice and Courts Act 2015. Where the court makes a finding of fundamental dishonesty the usual qualified one-way costs shifting cost rule will not apply and the entire personal injury claim may be dismissed.

PI & Clinical Negligence analysis: This was an RTA involving a mixed claim for personal injury and losses caused by negligence (directly or indirectly related to the accident). The claim succeeded on the issue of liability. Having decided that the personal injury claim was fundamentally dishonest, the court was invited to dismiss the entire claim—including claims for recovery and storage of the vehicle after the accident and damages for loss of use. The issue being the reach and effect of section 57 of the Criminal Justice and Courts Act 2015 (CJCA 2015) in claims which are for personal injury as part of a larger claim. Because the judge held there was no binding authority or guidance on the point, the court conducted an analysis of the wording of the 2015 statute, by reference to Hansard, to determine the intention of the legislature. Written by Colm Nugent, barrister at Gatehouse Chambers.