News & Analysis as of

Fund Managers Private Equity

Valuation of Illiquid Portfolio Investments – Avoiding Regulatory Risks with Form and Substance

For private fund managers, the valuation of privately-held securities has been subject to heightened regulatory scrutiny. As the IPO on-ramp for private “unicorn” investments has lengthened, fund managers may hold illiquid...more

DOL’s Fiduciary Rule To Apply June 9th, Investment Managers and Advisers May Want to Take Action Now

by Proskauer Rose LLP on

The U.S. Department of Labor's (DOL) final rule significantly expanding when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (Code) as a...more

DOL’s Fiduciary Rule to Become Partially Effective June 9, 2017

The Fiduciary Rule, which expands the circumstances under which providers of investment advice may be considered Employee Retirement Income Security Act of 1974 (ERISA) fiduciaries, was initially published in the Federal...more

Private Equity and the New Trump Administration: Your Top Ten Questions Answered

by Foley & Lardner LLP on

The election of President Trump contained some positive signs for Private Equity (PE) fund managers. These included potential lower corporate taxes, a ten-percent tax holiday for funds parked overseas, large infrastructure...more

Going the Distance: The Expanding Lifecycles of Private Equity Funds

by Pepper Hamilton LLP on

The lifecycles of private equity (PE) funds are lengthening as managers continue to seek longer fundraising periods. This is due to a number of factors, including increases in due diligence and holding periods for investments...more

Squeezed in the Middle

by Pepper Hamilton LLP on

Fund managers are getting squeezed from all directions. Absent raising a larger fund next time, GPs cannot realistically expect to grow top line revenue. At the same time, they bear variable and often unpredictable...more

Global Private Equity Newsletter - Summer 2016 Edition: LBO & Management Packages In France: Are Recent Developments In The...

by Dechert LLP on

The management packages offered to managers in LBOs can sometimes be differentiating factors for financial sponsors enabling them to win a competitive process for the acquisition of a target company. However, although...more

Financial Services Quarterly Report - Second Quarter 2016: What Fund Investors Should Know About US Bank Control Rules

by Dechert LLP on

Many private equity, hedge and mutual funds constantly have to confront the complex control rules that may impact even the smallest of investments in banks or bank holding companies (BHCs). The issue may be as simple as...more

A Commonsense Explanation of the SEC’s Regulation of Private Investment Funds

The SEC’s regulation of the private investment funds industry has generated significant attention and commentary, as well as a fair amount of hand-wringing. From our perspective as lawyers, however, there is a relatively...more

Fund Manager Annual Update

by Mintz Levin on

The SEC brought a record number of enforcement actions against investment advisers in 2015, resulting in approximately $4.2 billion in sanctions.1 This alert highlights current issues for private equity, venture capital and...more

Private Equity Fund Managers: Annual Compliance Reminders and New Developments

by Latham & Watkins LLP on

Summary of private equity firms’ compliance obligations, discussion of notable developments in 2015 and outlook for 2016. US federal laws and regulations, as well as the rules of self-regulatory organizations (SROs),...more

2015 Autumn Statement and Spending Review Released

by Morgan Lewis on

The statement is tax light, but there is continued focus on carried interest. On 25 November, the UK Chancellor of the Exchequer George Osborne made a number of tax-related announcements in the 2015 Autumn Statement and...more

PE Firms: Prepare for the BEA’s Upcoming BE-180 Survey

by Latham & Watkins LLP on

Private equity firms may be subject to new mandatory BEA reporting requirements with respect to their cross-border financial services transactions. The Bureau of Economic Analysis (BEA) of the US Department of Commerce...more

Senators Call on IRS to Finalize Management Fee Waiver Regulations

Yesterday, Senators Franken, Warren, Baldwin and Whitehouse sent Treasury Secretary Lew a letter regarding management fee waiver arrangements. What is a management fee waiver arrangement? It is where a fund manager...more

Family Office Direct Investing in Private Equity Deals

by Pepper Hamilton LLP on

For most family offices, engaging in direct investment PE deals really means finding the right partner, and the diligence required to find the right PE partner for direct deals is much more involved, and probably less of a...more

IRS Proposed Tax Regulations Aimed at Fee Waiver Arrangements

by DLA Piper on

The Treasury Department and the Internal Revenue Service have issued proposed regulations addressing disguised payment for services of a partner, including the proper tax treatment of fee waiver arrangements commonly used by...more

IRS Issues Proposed Regulations Addressing Fee Waivers

by Faegre Baker Daniels on

On July 22, 2015, the U.S. Department of the Treasury issued proposed regulations addressing the tax treatment of certain private equity management fee waivers. These new rules could result in many common management fee...more

Private Equity Newsletter - Summer 2015 Edition: Indian Private Equity: Taxation and Trends

by Dechert LLP on

With a new government at India’s center and positive macroeconomic fundamentals working in its favor, the private equity industry is expected to invest more actively into India over the short to medium term. In the past year,...more

Locke Lord QuickStudy: New UK Rules on Disguised Investment Management Fees

by Locke Lord LLP on

On April 6, 2015, the United Kingdom’s taxing authority (HMRC) enacted new rules that are designed to close an investment management fee “loophole” that allowed private equity fund managers to avoid taxes on management fees...more

The SEC Continues to Turn Up the Heat on Private Equity’s Fees, Expenses and Valuation Practices

by Cozen O'Connor on

On April 3, 2015, The Wall Street Journal reported that private equity adviser Fenway Partners LLC (Fenway) received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) in March 2015 regarding Fenway’s...more

Private Equity Fund Managers: Annual Compliance Reminders and New Developments

by Latham & Watkins LLP on

A summary of a private equity firm’s compliance obligations, a discussion of notable developments in 2014 and highlights of the SEC’s examination priorities for 2015. US federal laws and regulations, as well as the...more

Three Trends in 2014 Venture Capital Funding

by DLA Piper on

2014 was a great year for startups seeking funding. Two of the leading reporting companies, PitchBook and CB Insights, report similar trends (both of these reports focus on funding by traditional financial venture...more

CFTC Grants Exemptive Relief to Private Fund Managers: General Solicitation Conditionally Permitted

by Pepper Hamilton LLP on

The JOBS Act and the regulations thereunder (which went effective on September 23, 2013) applies to private issuers – including hedge funds and private equity funds – that want to make general solicitations within the context...more

SEC Notes Growing Concern About Private Equity Fee Disclosures

by Akerman LLP on

Recent comments by Andrew Bowden, Director of the Office of Compliance Inspections and Examinations for the Securities and Exchange Commission (SEC), highlight the growing tension between Dodd-Frank compliance and fund...more

New Manager Forum Panel III – Post-launch Matters

by Pepper Hamilton LLP on

Launching a new hedge fund or private equity fund can be one of the most exciting and rewarding ventures a person will ever undertake-and it can also be the most challenging, given today's competitive and demanding investing...more

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