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Long-Term Investment Funds

Goodwin

The King’s Speech: Reinforcing The Retailisation of Private Funds

Goodwin on

The Pension Schemes Bill announced in the King’s Speech on 17 July builds on the UK Government’s drive to encourage defined contribution (DC) pension investment in long-term illiquid investments such as private equity,...more

Troutman Pepper

More Than $1.6B in SBA Debenture Leverage Priced at 5.035%

Troutman Pepper on

Licensed by the U.S. Small Business Administration (SBA) under the Small Business Investment Act of 1958, a small business investment company (SBIC) represents a privately owned and operated investment fund that makes...more

Proskauer - Regulatory & Compliance

ELTIF 2.0 – European Commission proposes amendments to the ESMA draft RTS

On 6 March 2024, the European Commission published a letter to the European Securities and Markets Authority (“ESMA”), in which it proposed certain amendments to the draft regulatory technical standards (“Draft RTS”) that...more

Hogan Lovells

ELTIF 2.0 – Revolutionising the European Investment Market

Hogan Lovells on

On 10 January 2024, Regulation (EU) 2023/606 amending Regulation (EU) 2015/760 as regards the requirements pertaining to the investment policies and operating conditions of European long-term investment funds and the scope of...more

Walkers

Central Bank issues feedback statement on CP155 and final ELTIF chapter of AIF Rulebook

Walkers on

On 11 March 2024, the Central Bank of Ireland (the "Central Bank") reached a significant milestone in finalising its framework for authorisations under the revised European Long-Term Investment Funds Regulation (EU) 2023/606...more

Husch Blackwell LLP

Covering the Basics: Common Renewable Energy Project Financing Options

Husch Blackwell LLP on

As the shift from fossil-based energy production to renewable energy sources continues, growth in renewable energy projects under development has been staggering. But moving projects from early-stage development to commercial...more

Goodwin

Horizon Scan for Private Investment Funds: Key Recent and Expected funds, Regulatory and Tax Developments to look out for -...

Goodwin on

Welcome to the first edition of our Horizon Scan for 2024: key recent and expected funds, regulatory and tax developments to look out for. As before, we focus on the most important developments and changes that we expect to...more

Dechert LLP

Ireland to Finalise its European Long Term Investment Fund Regime

Dechert LLP on

In parallel with the well-publicised enhancements to the European Long Term Investment Fund ("ELTIF") regime through Regulation 2023/606/EU (the "ELTIF 2.0 Regulation"), the Central Bank of Ireland (the “Central Bank”) has...more

Goodwin

ELTIF 2.0: ESMA Provides Some Final Details

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In our previous alert ELTIF Reform: A Milestone in the Development of an EU Private Fund Structure for Accessing Wholesale Markets, we discussed the EU Commission’s adoption of a revised regulation for the European Long-Term...more

Proskauer - Regulatory & Compliance

ELTIF 2.0 – just one month to go…

Regulation (EU) 2023/606 (“ELTIF 2 Regulation”), which will amend Regulation (EU) 2015/760 (“ELTIF Regulation”), will come into force on 10 January 2024. The original ELTIF Regulation was aimed at boosting European...more

Walkers

Progress on implementation of the Irish ELTIF 2.0 offering

Walkers on

Today sees a significant and very welcome announcement by Irish Funds in relation to the Irish implementation of the ELTIF 2.0 framework. Irish Funds has confirmed in a communication to member firms that following...more

Goodwin

The FCA’s Final Rules For LTAFs: Distribution To Mass Market Retail Investors

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Following its August 2022 consultation on the broader retail distribution of interests in a Long Term Asset Fund (LTAF), the FCA published its Policy Statement PS23/7 including final Handbook rules on 29 June 2023....more

Bennett Jones LLP

Continuation Funds: ILPA Updated Guidance

Bennett Jones LLP on

The Institutional Limited Partner Association (ILPA) published new guidance on May 15, 2023, relating to continuation funds. The guidelines build on ILPA's prior (2019) guidance on best practices for GP-led secondary fund...more

ArentFox Schiff

Mexico’s New Mining Laws: Additional Complexity, Government Control, and Increased Country Risk Requires Investment Protection...

ArentFox Schiff on

The President of Mexico, Andres Manuel López Obrador (AMLO), from the outset of his six-year term, made it abundantly clear that his government will exercise greater control and intrusive state supervision over mining...more

Proskauer Rose LLP

Wealth Management Update - April 2023 - 2

Proskauer Rose LLP on

April Interest Rates for GRATS, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts - The April Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Levenfeld Pearlstein, LLC

Two Fundamental Shifts in the New “National Cybersecurity Strategy”

In March 2023, the Office of the National Cyber Director released the public version of the National Cybersecurity Strategy, which provides strategic guidance for how the U.S. should protect internet users from cyberattacks...more

Walkers

Revised ELTIF Regulation Published in the Official Journal

Walkers on

On 20 March 2023, the revised European Long-Term Investment Funds Regulation (EU) 2023/606 (the “Regulation”) was published in the Official Journal of the European Union, entering into force on the twentieth day following...more

Goodwin

Private Fund Managers and Retail Investment in the UK and EU: Comparing the UK’s Long Term Asset Fund

Goodwin on

The UK Financial Conduct Authority (FCA) has just announced its first authorisation of a Long Term Asset Fund (LTAF). We have written about the FCA’s increased focus on continuing access by retail investors to wholesale or...more

A&O Shearman

Great Fund Insights: The European long-term investment fund (ELTIF) Review

A&O Shearman on

This memorandum aims to provide a comprehensive overview of the current ELTIF regime (see section 2 below) as well as the most salient features of the new ELTIF regime (see section 3 below), including a table showing the...more

Dechert LLP

ELTIF 2.0: retailization of private funds – the gateway to heaven or a storm in a teacup?

Dechert LLP on

Since Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long term investment funds (ELTIF Regulation) was adopted, only a few European long-term investment funds (ELTIFs) have...more

Dechert LLP

The Edinburgh Reforms

Dechert LLP on

On 9 December 2022, in Edinburgh, the Chancellor of the Exchequer announced a set of reforms that are intended to drive growth and competitiveness in the financial services sector (the Edinburgh Reforms or the Reforms). ...more

Cadwalader, Wickersham & Taft LLP

EU Publishes Final Text of ELTIF Regime

The EU has published its final text for the proposed revision of the European Long-Term Investment Fund ("ELTIF") regime by means of the European Long-Term Investment Funds Regulation....more

Paul Hastings LLP

Proposed Legislation Threatens to Upend Carried Interest Rules

Paul Hastings LLP on

As widely reported, on July 27, 2022 Democratic Majority Leader Senator Chuck Schumer and Senator Joe Manchin (D-W.Va) agreed to a reconciliation bill package titled the Inflation Reduction Act of 2022. The bill contains...more

Conyers

Legislative Recognition for Capital Redemption Contracts, Aka Funding Agreements

Conyers on

On Tuesday 28 June 2022, the Insurance (Amendment) Act 2022 (the “Amendment”) was published in the Official Gazette having been brought as a bill before the Cayman Islands Parliament during its third meeting of the 2021-2022...more

Morrison & Foerster LLP

Paying Employees in Cryptocurrency: Is That Lawful?

In recent years, more consumers, merchants, and financial institutions have accepted cryptocurrency as a form of payment for everyday products and services. Last November, mayors of two major U.S. cities signaled what may be...more

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