VC Law: Episode 40: GP-Led Secondary Transactions with Ruth Jin, Partner at Mintz

Host Gary J. Ross speaks with Ruth Jin, Partner at Mintz, about GP-led secondary transactions, in which a general partner of a fund initiates a sale of one (or more) of its portfolio companies to a new fund, called a continuation vehicle (CV), which is typically managed by the same GP. Ruth describes the setting up and marketing of the continuation vehicle, and the options given to the current fund’s limited partners. Gary and Ruth spend significant time on the conflict of interest issues, and how they are mitigated. Ruth also touches on the necessary disclosures that must be made in the CV’s offering documents.