HOUSE_OVERSIGHT_024061.jpg
1.63 MB
Extraction Summary
2
People
2
Organizations
1
Locations
0
Events
1
Relationships
3
Quotes
Document Information
Type:
Legal/financial document (investment fund agreement/private placement memorandum)
File Size:
1.63 MB
Summary
This page is from a confidential legal document (likely a Private Placement Memorandum or Limited Partnership Agreement) describing the fee structure for an investment fund managed by New Leaf Venture Partners, L.L.C. It details a 2.5% annual management fee that decreases over time and explains how other fees collected from portfolio companies (break-up fees, monitoring fees, etc.) are used to offset the management fee. The document bears a House Oversight control number.
People (2)
| Name | Role | Context |
|---|---|---|
| General Partner | Fund Manager Role |
Entity responsible for the fund, subject to return obligations and recipient of carried interest.
|
| Managers | Management Role |
Individuals or entities receiving remuneration from portfolio companies.
|
Organizations (2)
| Name | Type | Context |
|---|---|---|
| New Leaf Venture Partners, L.L.C. |
Delaware limited liability company entering into a management agreement with the Fund.
|
|
| The Fund |
The entity paying the management fees and entering agreements.
|
Locations (1)
| Location | Context |
|---|---|
|
State of incorporation for New Leaf Venture Partners, L.L.C.
|
Relationships (1)
The Fund will enter into a management agreement with New Leaf Venture Partners, L.L.C.
Key Quotes (3)
"The Fund will enter into a management agreement with New Leaf Venture Partners, L.L.C."Source
HOUSE_OVERSIGHT_024061.jpg
Quote #1
"The Fund will pay the Management Company an annual management fee (the “Management Fee”) equal to 2.5% per annum of Commitments"Source
HOUSE_OVERSIGHT_024061.jpg
Quote #2
"100% of all directors’ fees... paid by the Fund’s portfolio companies... will be treated as an offset to the Management Fee"Source
HOUSE_OVERSIGHT_024061.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (2,041 characters)
General Partner’s return obligation set forth in the preceding sentence; provided, however, that in no event shall any carry recipient be required to return to the Fund an amount in excess of the aggregate distributions made to it that are attributable to the General Partner’s “carried interest” less tax distributions with respect thereto.
Management Fee:
The Fund will enter into a management agreement with New Leaf Venture Partners, L.L.C., a Delaware limited liability company, or an affiliate thereof (the “Management Company”) to provide management and administrative services to the Fund.
The Fund will enter into a management agreement with New Leaf Venture Partners, L.L.C., a Delaware limited liability company, or an affiliate thereof (the “Management Company”) to provide management and administrative services to the Fund.
The Fund will pay the Management Company an annual management fee (the “Management Fee”) equal to 2.5% per annum of Commitments, payable in advance on a quarterly basis. For each successive twelve-month period beginning on the first day of the fiscal quarter following the date which is the fourth anniversary of the Final Closing Date, the percentage used in calculating the annual Management Fee shall be determined by multiplying the percentage used to determine the Management Fee for the prior twelve-month period by 88%; provided, however, in no event shall such percentage be reduced below 1.35% per annum.
Commitment, Break-Up and Monitoring Fees:
100% of all directors’ fees, consulting fees, commitment fees, monitoring fees, investment banking, transaction or break-up fees or other remuneration (excluding directors’ fees and options for service on the board of a publicly-traded portfolio company) paid by the Fund’s portfolio companies to the General Partner, the Management Company or the Managers (“Portfolio Company Remuneration”), net of expenses, will be treated as an offset to the Management Fee; provided, however, that the Management Fee shall not be reduced below zero. Any reimbursement of the General Partner, the Management Company or the Managers for out-of-pocket expenses incurred on behalf of a portfolio company will not offset the Management Fee.
100% of all directors’ fees, consulting fees, commitment fees, monitoring fees, investment banking, transaction or break-up fees or other remuneration (excluding directors’ fees and options for service on the board of a publicly-traded portfolio company) paid by the Fund’s portfolio companies to the General Partner, the Management Company or the Managers (“Portfolio Company Remuneration”), net of expenses, will be treated as an offset to the Management Fee; provided, however, that the Management Fee shall not be reduced below zero. Any reimbursement of the General Partner, the Management Company or the Managers for out-of-pocket expenses incurred on behalf of a portfolio company will not offset the Management Fee.
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CONTROL NUMBER 257 - CONFIDENTIAL
HOUSE_OVERSIGHT_024061
CONTROL NUMBER 257 - CONFIDENTIAL
HOUSE_OVERSIGHT_024061
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