Replacement of Fund Managers in Private Equity: The Path of (Un)certainty

Diana Ribeiro Duarte, Pedro Capitão Barbosa e João P. Monjardino são os autores do artigo “Replacement of Fund Managers in Private Equity: The Path of (Un)certainty”, publicado na plataforma digital Lexology.

«Introduction

In the Portuguese legal system, the issue regarding the replacement of fund managers in private equity funds has long been controversial. The reason is that Law 18/2015, of 4 March, on the Legal Framework for Private Equity, Social Entrepreneurship and Specialized Investment («RJCR») is silent on the matter, leaving it to interpreters and players in the private equity industry to define whether and under which circumstances might the replacement of the fund managers of private equity funds take place.

Is it allowed?

The RJCR makes no express reference to the possibility of replacing the fund manager. We do believe it, however, to be possible, provided certain requirements are met. (…) ».

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