Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 15 DECEMBER 2023

Fund Formation 101: Issues To Consider When Forming A Private Equity Fund — Part 2 Commercial Considerations

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Contributor
Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP

As one of Canada’s top business law firms, Blake, Cassels & Graydon LLP (Blakes) provides...

View firm profile
Explore more from Blake, Cassels & Graydon LLP

This is Part 2 of our series on private equity funds (Funds). As mentioned in Blakes Bulletin: Fund Formation 101: Issues to Consider When Forming a Private Equity Fund - Part 1 Structuring...

CanadaFinance and Banking
Michael Stevenson
Michael Stevenson
Tamara Nachmani
Tamara Nachmani
Author LinkedIn connections

This is Part 2 of our series on private equity funds (Funds). As mentioned in Blakes Bulletin: Fund Formation 101: Issues to Consider When Forming a Private Equity Fund - Part 1 Structuring, there are many factors and issues to consider when forming a Fund, and different Funds will have different issues based on how they are structured, the track record of the sponsor with previous funds, the target investment type and industry, and the past experience of investors and their counsel. This week we are focussing on the top commercial considerations for Fund formation:

  1. Removal of General Partner or Manager. Almost all limited partnership agreements will include provisions relating to how the general partner and/or the manager can be removed. As you can imagine, given that it created the Fund, a general partner will try to negotiate a very limited set of circumstances in which it, or the manager, can be removed. Most general partners try to limit removal to

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

For permission to reprint articles, please contact the [email protected] Marketing Department.

© 2026 Blake, Cassels & Graydon LLP.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

A New Structure Enters The Ring: CIRO’s Incorporated Approved Person Compensation Proposal

The Canadian Investment Regulatory Organization’s (CIRO) proposed Incorporated Approved Person model could materially change how client-facing advisors structure their businesses and receive compensation with significant impacts to sponsoring firms. The proposed rule amendments, published on July 9, 2026, would introduce a harmonized incorporated compensation option for client-facing Approved Persons across CIRO regulated dealers. Comments are due November 6, 2026.
CanadaFinance and Banking
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

The Q3 2026 PE Briefing

The Canadian private equity landscape navigates a transition period marked by prolonged market volatility and stalled exit activity, yet demonstrates resilience through strategic investments in high-growth sectors. Q3 2026 analysis reveals how larger commitments, power and utilities investments, evergreen fund expansion, and healthcare sector dynamics are shaping the market amid escalating trade tensions and evolving investor strategies.
CanadaFinance and Banking
Bennett Jones LLP
Bennett Jones LLP
Article

Prediction Markets In Canada: A Category-by-Category Regulatory Framework

Canadian regulators have established a category-by-category framework for prediction markets, permitting certain economic and financial event contracts through securities dealers while directing sports and entertainment contracts outside that regime. This emerging approach creates distinct regulatory pathways depending on contract structure and underlying event type, raising critical questions about classification, market integrity, and compliance for platforms, dealers, and financial institutions navigatin
CanadaFinance and Banking
Bennett Jones LLP
Bennett Jones LLP
Article

Speculation Or Security: Canada’s Evolving Regulatory Framework For Prediction Markets

Canadian securities regulators have established a limited framework for prediction markets, restricting which event contracts can be offered to investors and under what conditions. While certain economic and financial forecasts may be traded through authorized dealers, contracts based on political events, sports, or entertainment remain prohibited, and compliance with securities law does not resolve potential exposure under criminal gambling provisions.
CanadaFinance and Banking
McMillan LLP
McMillan LLP
Article

Canada Imposes Counter-Tariffs On C$27.6-Billion Of U.S. Imports, Effective September 8, 2026

Canada has announced C$27.6-billion in counter-tariffs on U.S. imports, effective September 8, 2026, targeting over 700 product classifications across steel, aluminum, dairy, electronics, and other sectors. The measures represent a dollar-for-dollar response to U.S. Section 338 tariffs, with rates ranging from 15% to 50% depending on the product category. The government has also introduced a C$7.5-billion support package for affected Canadian workers and businesses.
CanadaInternational Law
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Article

Digging Deeper: Canadian Mining Sector Tax Update

Canada’s mining sector is at an important inflection point. Against a backdrop of growing global demand for critical minerals and increased competition for investment capital, the Canadian federal government has recently introduced a series of tax measures designed to encourage investment and strengthen the competitiveness of Canada’s mining industry. For investors, these measures may meaningfully influence the after-tax economics of projects and financing structures across the mining value chain.
CanadaEnergy and Natural Resources
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Article

Fall Forecast: What To Watch In Canada’s Communications Sector

Canada's broadcasting, telecommunications, and satellite industries face significant regulatory changes this fall as Parliament advances key legislation. From the CRTC's implementation of the Online Streaming Act amid U.S. trade tensions to new lawful access requirements for service providers and the establishment of Canada's first space launch framework, these developments will reshape operational requirements across the communications sector.
CanadaMedia, Telecoms, IT, Entertainment
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Article

Manitoba Expanding Land Transfer Tax To Beneficial Transfers

Effective January 1, 2027, Manitoba is expanding its land transfer tax regime to apply to beneficial (unregistered) transfers of land, even where legal (registered) title is not being transferred. The amendments bring Manitoba’s regime more closely in line with Ontario’s and Quebec’s current regimes and will affect transactions involving bare trusts, nominees and other ownership structures that separate legal and beneficial ownership of land.
CanadaTax
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Article

Competition Bureau Reaches Consent Agreement With Empire Company Limited Regarding Grocery Property Controls

The Competition Bureau of Canada has entered into a consent agreement with Empire Company Limited, parent of major grocery chains including Sobeys and Safeway, restricting the company's use of property controls that limit competition. This agreement prohibits Empire from enforcing certain restrictive covenants and exclusivity clauses that prevent other grocers from operating nearby, despite Empire's earlier voluntary commitments. The Bureau's action signals heightened regulatory scrutiny of property control
CanadaAntitrust/Competition Law
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Article

Building Canada: Investing In Major National Projects

Canada is experiencing a surge in infrastructure investment driven by streamlined regulatory approvals, enhanced government financing mechanisms, and growing demand for energy and digital infrastructure. This guide examines the evolving legal and regulatory landscape that foreign investors must navigate to successfully structure, finance, and develop major projects across the country.
CanadaGovernment, Public Sector
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Article

Snap Election, Strict Rules: Navigating Compliance While Engaging In B.C.’s Provincial Election

British Columbia's snap election on October 24, 2026, brings unprecedented compliance challenges for businesses seeking to engage in policy discussions. With some of Canada's strictest lobbying rules, stringent election financing laws, and new foreign influence regulations all converging during the campaign period, organizations must navigate a complex web of registration requirements, spending caps, and reporting obligations while avoiding significant legal and reputational risks.
CanadaGovernment, Public Sector
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP