Article Private Equity Law Report

Continuing Growth, Prevailing Approaches and Recent Trends in the Use of Separately Managed Accounts for Illiquid Strategies

In this contributed article, Kirkland partner Kate Luarasi discusses the main features of separately managed accounts and investment management agreements (collectively, SMAs), the contexts for the use of different SMA structures by investors and managers and current market trends in select SMA terms. 

“Any conclusive assessments or predictions relating to the coronavirus pandemic or its long-term impact are premature as the crisis continues and its end remains uncertain. One interim trend is apparent, however – the many advantages offered by tailored SMA structures have cemented SMAs as a valuable tool in private capital fundraising, perhaps even more so in times of crisis.”

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