Ore Hill Partners LLC is extending its lock-up period to one year from six months, and is considering an absolute two-year lock-up for new investments beginning in 2006.
The tighter liquidity terms do not get the fund around the U.S. Securities and Exchange Commission's new registration requirements, which take effect in February 2006.
But the two-year lock-up under consideration would do so. The New York-based firm, which has assets of $1.3 billion, is still deciding whether it will register with the SEC.
The new class of shares, to be offered between September 1 2005 and January 1 2006, cannot