Pent up dry powder? Biggest emerging secondaries sectors? Leverage still a viable means to finance deals? Below is a “sneak peek” into what our Proskauer panelists have to say on these big topics. They, along with our lineup...more
"Dedicated available capital is estimated at $227 billion (as of June 30, 2022). We expect secondary investors to closely monitor valuations and public market conditions. But as investors continue to fundraise and deploy on...more
On February 9, 2022, the U.S. Securities and Exchange Commission (the "SEC") proposed new rules and amendments to existing rules (the "Proposed Rules") under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers...more
From February 23 – March 18th Proskauer will host its second annual Private Credit Summit. This interactive virtual event will bring together leaders in the Private Credit industry, including lenders, private equity firms,...more
2/24/2021
/ Borrowers ,
Compensation ,
Contract Terms ,
Corporate Executives ,
Creditors ,
Deal Price ,
Debt ,
Debt Market ,
Debtors ,
Direct Lending ,
Enforcement Actions ,
Fund Managers ,
Fund Sponsors ,
Fundraisers ,
Investment Adviser ,
Investment Management ,
Investment Opportunities ,
Investors ,
Liability ,
Liquidity ,
Private Equity ,
Private Equity Firms ,
Private Lenders ,
Regulatory Requirements ,
Restructuring ,
Webinars
This yearly report provides a summary of some of the significant changes and developments that occurred in the past year in the hedge fund and private equity spaces, as well as certain recommended practices that investment...more
On December 22, 2020, the Securities and Exchange Commission (“SEC”) adopted amendments to existing Rule 206(4)-1 (the “Advertising Rule”) and rescinded Rule 206(4)-3 (the “Cash Solicitation Rule”) under the Investment...more
2/10/2021
/ Books & Records ,
Cash Solicitation Rule ,
Disclosure Requirements ,
Final Rules ,
Form ADV ,
Investment Advisers Act of 1940 ,
New Rules ,
Recordkeeping Requirements ,
SEC Advertising Rule ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Overview -
The BE-180 report issued by the U.S. Commerce Department’s Bureau of Economic Analysis (the “BEA”) is a five-year benchmark survey that collects data on transactions between U.S. financial services providers...more
9/29/2020
/ BE-180 ,
Benchmarks ,
Broker-Dealer ,
Bureau of Economic Analysis ,
Filing Deadlines ,
Financial Institutions ,
Financial Services Industry ,
Fund Managers ,
Hedge Funds ,
Investment Adviser ,
U.S. Commerce Department
Given the current market volatility resulting from the COVID-19 pandemic, many fund sponsors are seeking additional sources of capital to protect and/or enhance their investment portfolios. There are many circumstances in...more
7/2/2020
/ Conflicts of Interest ,
Fund Sponsors ,
Institutional Investors ,
Investment Funds ,
Investment Management ,
Investors ,
Limited Partnerships ,
Liquidity ,
Popular ,
Portfolio Companies ,
Private Equity ,
Private Funds
On June 23rd, the staff of the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a new risk alert entitled “Observations from Examinations of Investment Advisers...more
7/1/2020
/ Broker-Dealer ,
Compliance ,
Conflicts of Interest ,
Disclosure Requirements ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
OCIE ,
Publicly-Traded Companies ,
Registered Investment Advisors ,
Risk Alert ,
Securities and Exchange Commission (SEC)
As COVID-19 continues to spread around the world, it has become apparent that it is having a significant impact on the global financial market, at least for the short- to medium-term. While the only constant is change, there...more
On August 25, 2016, the U.S. Securities and Exchange Commission (SEC) adopted numerous substantive and technical amendments to Form ADV, Part 1A, which previously had been proposed in a release dated May 20, 2015. Several of...more
As the elections approach nationwide, advisers to private investment funds with current or prospective state or local government entity investors should be mindful of political activities by their personnel which could raise...more
8/23/2016
/ Broker-Dealer ,
Financial Industry Regulatory Authority (FINRA) ,
Government Officials ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
MSRB ,
Municipal Advisers ,
PACs ,
Pay-To-Play ,
Political Campaigns ,
Political Contributions ,
Presidential Elections ,
Private Funds ,
Recordkeeping Requirements ,
Rule 206(4)-5 ,
Securities and Exchange Commission (SEC)
As the elections approach nationwide, advisers to private investment funds with current or prospective state or local government entity investors should be mindful of political activities by their personnel which could raise...more
8/22/2016
/ Business Associates ,
Financial Industry Regulatory Authority (FINRA) ,
Fund Managers ,
Government Officials ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
MSRB ,
PACs ,
Pay-To-Play ,
Political Contributions ,
Private Funds ,
Public Pension ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
On June 28, 2016, the Securities and Exchange Commission (SEC) proposed new Rule 206(4)-4 under the Investment Advisers Act of 1940 (Advisers Act) that would require registered investment advisers to adopt and implement...more
7/8/2016
/ Business Continuity Plans ,
Business Disruption ,
Comment Period ,
Commercial Bankruptcy ,
Cyber Attacks ,
Data Security ,
Disaster Preparedness ,
Investment Advisers Act of 1940 ,
Mergers ,
Natural Disasters ,
Proposed Amendments ,
Proposed Regulation ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Terrorist Acts ,
Third-Party Service Provider
In an order dated June 14, 2016, the Securities and Exchange Commission (SEC) adopted its prior proposal to increase the net worth threshold for "qualified clients" under Rule 205-3 of the Investment Advisers Act of 1940 (the...more
On June 1, 2016, the SEC announced a settlement with Blackstreet Capital Management, LLC and Murry N. Gunty, Blackstreet's managing member and principal owner. As a registered investment adviser based in Chevy Chase,...more
Regulators were busy at the end of 2015, especially in the United States, perhaps being motivated to push forward new rule proposals in anticipation of a change in administration after the presidential elections later this...more
On January 11, 2016, the staff of the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released its annual announcement on examination priorities in the coming calendar...more
On November 5, 2015, the Securities and Exchange Commission (SEC) announced that it had reached a settlement with Cherokee Investment Partners, LLC (CIP) and Cherokee Advisers, LLC (CA), affiliated private equity fund...more
The Bipartisan Budget Act of 2015, signed into law on November 2, 2015, has significantly changed the partnership tax audit rules, effective for tax years beginning after December 31, 2017.
Under the current partnership...more
11/6/2015
/ Audits ,
Bipartisan Budget ,
Burden-Shifting ,
Federal Budget ,
IRS ,
Joint and Several Liability ,
New Legislation ,
New Regulations ,
Partnership Agreements ,
Partnerships ,
Registered Representatives ,
Tax Liability
On November 3, 2015, the Securities and Exchange Commission (SEC) announced that it had reached a settlement with Fenway Partners, LLC, a New York-based private equity firm, and several of the firm's executives (the...more
11/5/2015
/ Advisory Board ,
Affiliated-Business Arrangements ,
Civil Monetary Penalty ,
Conflicts of Interest ,
Corporate Executives ,
Disgorgement ,
Enforcement Actions ,
Failure To Disclose ,
Investors ,
Portfolio Companies ,
Private Equity ,
Private Equity Funds ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
The U.S. Commerce Department's Bureau of Economic Analysis (the "BEA") recently released the final version of the BE-180 report, a five-year benchmark survey that collects data on transactions between U.S. persons that are...more
9/1/2015
/ Benchmarks ,
Broker-Dealer ,
Bureau of Economic Analysis ,
Filing Deadlines ,
Financial Institutions ,
Foreign Nationals ,
Hedge Funds ,
Investors ,
Private Equity Funds ,
Private Funds ,
Reporting Requirements ,
Surveys ,
Threshold Requirements ,
Time Extensions ,
U.S. Commerce Department
On July 22, 2015, the U.S. Department of the Treasury and U.S. Internal Revenue Service issued proposed Treasury Regulations under Section 707(a)(2)(A) of the Internal Revenue Code of 1986, as amended, addressing management...more
7/27/2015
/ Capital Gains ,
Deferred Compensation ,
Enterprise Risks ,
Fee Waivers ,
Fund Managers ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Management Fees ,
Private Investment Funds ,
Proposed Regulation ,
U.S. Treasury
On June 25, 2015, the Securities and Exchange Commission (SEC) set a compliance date of July 31, 2015 for the ban on payments to third parties for the solicitation of advisory business from any government entity under Rule...more
7/17/2015
/ Broker-Dealer ,
Compliance ,
Financial Industry Regulatory Authority (FINRA) ,
Government Entities ,
Investment Adviser ,
MSRB ,
Municipal Advisers ,
Pay-To-Play ,
Securities and Exchange Commission (SEC) ,
Solicitation ,
Third-Party
On June 26, 2015, the Securities and Exchange Commission (SEC) issued a guidance update on Rule 204A-1 of the Investment Advisers Act of 1940 (Advisers Act). Rule 204A-1 requires, among other things, certain advisory...more