Julia D. Corelli Quoted in Fundfire Article, 'Blackstone, Apollo Galvanize Data Standards Push'
Julia D. Corelli, a partner with Pepper Hamilton's Corporate and Securities Practice Group and a co-chair of the firm's Funds Services Group, was quoted in the November 9, 2016 Fundfire article, " Blackstone, Apollo Galvanize Data Standards Push."
Smaller and mid-size managers may also shy away from the ILPA standards because some of them see the requirements as "crazy complicated," says Julia Corelli, partner and co-chair of the fund services law group at Pepper Hamilton. The template's vast detail may be manageable for large firms, but smaller managers may instead adapt their own lighter versions, she says.
Indeed, only 17% of 101 mostly mid-sized managers surveyed by Pepper Hamilton and other outfits had plans to implement ILPA's template while 38% said they would not use it and 30% were considering a modified adoption, Corelli says.
"When you're putting in a $200 million type commitment to a large fund, it makes sense [for fund managers] to give them data the big investor is seeking," she says. "It might not make sense for a $2 million investment in a $100 million fund."
Managers of different sizes may have varied fee and expense policies and practices, which also tilts ILPA's usefulness toward the bigger, more complex firms that helped design the standards, Corelli says. "In private equity, there are apples, oranges, cherries, kumquats, pears, and parsnips," she adds. "It's very hard to get a [common baseline]."
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