Replacement General Partners
Cork Gully is able to provide replacement general partner services, leveraging our extensive experience to formulate and implement bespoke cost-effective commercial solutions that enhance and return value to investors.
We work extensively with investors of regulated and unregulated investment funds across multiple jurisdictions and use our deep commercial experience to provide strategic support and drive performance and growth in difficult situations. Typically, we act as replacement general partner in accordance with the provisions under the respective partnership agreement, particularly in circumstances where there has been a breach of duty of the incumbent general partner to the investors. This often involves utilising our asset management, advisory, investigatory and forensic expertise as appropriate, in particular where fraud and/or negligence has occurred.
Alternatively, we are also able to act as a replacement general partner in circumstances where the investors lose faith in the performance of the general partner and Cork Gully is able to replace them with the requisite majority of voting power of investors, commonly referred to as a super majority. We often see this where the investors perceive there to be a lack of capacity or focus of the existing general partner, or where there is deemed to be lack of specialised knowledge for them to effectively discharge their duties. In other circumstances, a crisis event occurs may have occurred, impacting the ability of the general partner to perform their role.
Regardless of the background to Cork Gully’s involvement, our status as an independent firm means that we are less likely to encounter conflicts of interest and can respond at short notice to assist investors in resolving complex general partner and fund matters. We are authorised to provide our replacement general partner services in the UK and globally and our multi-disciplinary, senior team has a deep understanding of the operational, legal, regulatory and cultural challenges impacting funds across the world.