News & Analysis as of

Feeder Funds

Proskauer Rose LLP

Proskauer's Hedge Start: Key Structuring Issues

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A key initial decision for a manager launching a new hedge fund is to decide between: A “master-feeder” fund structure: In a typical “master-feeder” structure, an onshore “feeder” fund and an offshore “feeder” fund both...more

Mayer Brown

HNW Feeder Funds: Considerations in Connection with a Subscription Credit Facility

Mayer Brown on

High net worth feeder funds (“HNW Feeder Funds”) have emerged as a strategic resource for private equity funds seeking additional sources of capital. The HNW Feeder Fund structure often involves a partnership between private...more

Cadwalader, Wickersham & Taft LLP

Cascading Into Spring March 2024 - Cascading Security

With the increasing complexity of fund structures and the growing prevalence of US Pension Funds in the European market, we have seen an uptick in the number of queries particularly from European banks and funds around how to...more

Cadwalader, Wickersham & Taft LLP

FFForEver August 2023 - LPAs 101 – Back to Basics

As we enter back-to-school season and look forward to FFA U this fall, we thought a back-to-basics primer on the limited partnership agreement (the “LPA”), which is the legal and credit cornerstone of our product, would be...more

King & Spalding

NAIC Developments Affecting Insurer Investment Portfolios

King & Spalding on

This bulletin discusses pending actions of the (a) National Association of Insurance Commissioners (NAIC) Valuation of Securities (E) Task Force (VOS Task Force) to address certain issues associated with insurer investments...more

Cadwalader, Wickersham & Taft LLP

Brief Primer on CFOs and Rated Feeder Funds

Through our extensive experience representing underwriters and sponsors in connection with CFOs and Rated Feeders, we’ve identified a number of key issues and considerations that should be addressed when contemplating a CFO...more

Cadwalader, Wickersham & Taft LLP

A Veterans Day Salute November 2022| Issue No. 200 - The Rise of Rated Note Feeders: Structures and Subscription Facility...

As the traditional subscription facility market has matured, new liquidity and funding innovations have arisen. Enter the rated note feeder. This structural tool in the back pocket of GPs may ease the accessibility of private...more

Cadwalader, Wickersham & Taft LLP

A Veterans Day Salute November 2022 | Issue No. 200 - The Rise of Rated Note Feeders: Structures and Subscription Facility...

As the traditional subscription facility market has matured, new liquidity and funding innovations have arisen. Enter the rated note feeder. This structural tool in the back pocket of GPs may ease the accessibility of private...more

Walkers

Appointing liquidators in the Cayman Islands

Walkers on

Executive Summary - Where multiple Cayman Islands entities in the same corporate structure become subject to insolvency proceedings (e.g. Cayman Islands master/ feeder fund structures), the Cayman Islands Courts will...more

Cadwalader, Wickersham & Taft LLP

Blockers and Tackling

Blocker entities are a common part of private equity fund structures. In many cases, blockers are used to insulate foreign and tax-exempt investors from direct tax liability in the fund’s home jurisdiction. Blockers are...more

Farrell Fritz, P.C.

Business Judgment Rule Prevails in Fight Over Liquidation Plan for Dissolved Madoff Feeder Fund

Farrell Fritz, P.C. on

FGLS Equity LLC was one of many feeder funds caught up in the maelstrom that followed the exposure and meltdown in 2008 of the Bernie Madoff Ponzi scheme. It lost virtually all of its money in its account with Bernard L....more

Shumaker, Loop & Kendrick, LLP

Client Alert: Madoff: Insolvency Laws Without Borders

On February 25, 2019, the U.S. Court of Appeals (2nd Circuit) ruled that the trustee in the Chapter 11 case for Madoff Investment Securities, LLC could use the U.S. Bankruptcy Code to recover payments made between foreign...more

Kramer Levin Naftalis & Frankel LLP

Public Alternative Funds Archive - 2016: UPDATED

Please see Chart below for more information....more

Kramer Levin Naftalis & Frankel LLP

Public Alternative Funds Archive - 2019

Please see Chart below for more information....more

Kramer Levin Naftalis & Frankel LLP

Second Circuit Confirms Madoff Trustee’s Ability to Recover Foreign Transfers

The Bottom Line - In vacating judgments from both the District Court and the Bankruptcy Court of the Southern District of New York, the Second Circuit held, in In re Picard, 917 F.3d 85 (2d Cir. 2019), that the trustee...more

A&O Shearman

The Reach of Avoidance – Second Circuit Court of Appeals Holds in Madoff that Bankruptcy Code Can Be Used to Recover Subsequent...

A&O Shearman on

On February 25, 2019, the United States Court of Appeals for the Second Circuit issued a decision holding that a trustee is not barred by either the presumption against extraterritoriality or by international comity...more

Skadden, Arps, Slate, Meagher & Flom LLP

Second Circuit Allows Avoidance Actions Against Foreign Transferees in Madoff Proceeding

On February 25, 2019, the U.S. Court of Appeals for the Second Circuit vacated the bankruptcy court’s dismissal of avoidance actions brought by Irving Picard, the trustee (Trustee) for the liquidation of Bernard L. Madoff...more

Hogan Lovells

New U.S. Second Circuit Court of Appeals ruling in Madoff liquidation extends the long arm of fraudulent transfer law

Hogan Lovells on

In a unanimous 25 February panel decision, the Second Circuit Court of Appeals held that the trustee liquidating Bernard L. Madoff's investment firm can claw back billions in Ponzi scheme proceeds from investors who received...more

Latham & Watkins LLP

Second Circuit Backs Foreign Clawback Claims in Madoff Bankruptcy Action

Latham & Watkins LLP on

The Second Circuit holds that the presumption against extraterritoriality and international comity do not bar recovery of purely foreign transfers. Key Points: ..The Second Circuit focused on the initial transfer from...more

Kramer Levin Naftalis & Frankel LLP

New Public Alternative Funds: UPDATED

Please see Chart below for more information. ...more

Kramer Levin Naftalis & Frankel LLP

Public Alternative Funds Archive - 2015: UPDATED

Please see Chart below for more information. ...more

Kramer Levin Naftalis & Frankel LLP

Public Alternative Funds Archive - 2017

Please see Chart below for more information....more

Kramer Levin Naftalis & Frankel LLP

Public Alternative Funds Archive - 2016

Please see Chart below for more information....more

Dechert LLP

SEC Issues ETF Rule Proposal

Dechert LLP on

Yesterday (June 28, 2018), at an open meeting of the U.S. Securities and Exchange Commission (SEC) (Meeting), the SEC unanimously voted to issue a proposed rule and form amendments (Proposal) that would allow certain...more

K&L Gates LLP

Cross Border Master-Feeder Arrangements: SEC Staff Slightly Expands Utility of Offshore Feeders for Global Investment Management...

K&L Gates LLP on

On March 8, 2017, the staff of the Securities and Exchange Commission (“SEC”) granted no-action relief that potentially will permit global investment management firms to offer U.S. registered open-end management investment...more

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