Private Equity Funds

News & Analysis as of

Private Equity Fund Managers: Annual Compliance Reminders and New Developments

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

Hong Kong Government to Extend Existing Offshore Funds Tax Exemption to Private Equity Funds

The Hong Kong government has announced in its latest budget a planned extension of the existing offshore funds tax exemption to bring offshore private equity funds investing in or through Hong Kong, within its scope. The...more

Distribution of Private Equity Funds in Europe after AIFMD

With the AIFMD now effective, the attention of U.S. private equity sponsors has turned to capital raising in Europe under the new regime. The key impact of the AIFMD for U.S. sponsors is the prohibition on the active...more

Private Equity Tax Alert - What might the General Election bring

As we enter the run-up to the General Election in May, private equity funds and their managers might want to consider what the possible tax implications of a new Government might be both for the managers of their portfolio...more

New Reporting Requirements Regarding Foreign Investment and Ownership

With the globalization of the economy, most private equity funds are likely to own companies based in the United States that have operations or subsidiaries outside the United States, and/or have interests in non-U.S....more

The SEC’s 2015 Examination Priorities: Implications for Private Equity Fund Managers

The Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) recently released its examination priorities for 2015 for investment advisers, broker-dealers and transfer agents...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement Advisers to Private Funds Among Targets of the SEC’s 2015 Examination Program The U.S. Securities and Exchange Commission (SEC) recently announced the 2015 examination priorities for its Office of Compliance...more

Private Equity: SEC Custody Rule—One Size Does Not Fit All

As a result of the Dodd-Frank Act, since 2012 investment advisers that operate pooled investment vehicles such as hedge funds and private equity funds with $150 million of assets under management became subject to the...more

New House Bill Aims to Reduce Some Dodd-Frank Regulatory Burdens

On January 24, 2015, the U.S. House of Representatives passed a bill that loosens certain Dodd-Frank requirements and reduces the scope of the SEC’s regulatory authority over certain private equity firms, small businesses,...more

Expect Focus - Spot The Regulator, Volume IV, Fall 2014

In This Issue: - IN THE SPOTLIGHT ..Crisis Management: Five Steps to Take Before Providing That Comment - LIFE INSURANCE ..Third Circuit Limits ERISA Fiduciary Liability to those with Ultimate...more

What’s Really Going on with PE Firms’ Fees?

Pepper Hamilton LLP, a multi-practice law firm that represents private equity clients throughout the life cycle of an investment fund, recently partnered with PEF Services and PEI to conduct a survey of 104 U.S. alternative...more

Private Equity Fund Adviser Settles with SEC

Earlier this year, the Securities and Exchange Commission (SEC) announced plans to expand its task force examining private equity investment advisers. As discussed in the Spring 2014 issue of Expect Focus (“Private Equity:...more

Managing Litigation Risk: Critical Questions for Private Equity Professionals Serving on Portfolio Company Boards

Private equity funds, and individuals affiliated with fund sponsors, are increasingly being named as defendants in lawsuits involving their portfolio companies. This litigation risk arises most frequently where a fund...more

A reminder of antitrust risks for private equity firms

In two decisions adopted in November 2014 but only recently published, the Dutch competition authority (ACM) fined three private equity firms for the involvement of one of their former portfolio companies in the so-called...more

CFTC Follows SEC’s Lead on "General Solicitation"

Seeking to harmonize governing rules, the staff of the Commodity Futures Trading Commission (CFTC), by letter dated September 9, granted exemptive relief that enables commodity pool operators (CPOs) to rely on CFTC...more

SEC Seeks Serious Penalties Against Sands Brothers and its Senior Officers for Alleged Repeated Custody Rule Violations - Former...

On October 29, 2014, the SEC announced that it had instituted administrative proceedings under the Investment Advisers Act of 1940 against Sands Brothers Asset Management LLC (Sands Brothers), its two co-founders and the...more

Federal Reserve Board Extends the Volcker Rule Conformance Period for Legacy Funds

On December 18, 2014, the Board of Governors of the Federal Reserve System (“Board”) issued an order extending for an additional year – i.e., until July 21, 2016 – the Volcker Rule conformance period for banking entities to...more

Orderly Unwinding: Here to Stay?

The International Swaps and Derivatives Association (ISDA) recently issued the ISDA 2014 Resolution Stay Protocol (Protocol), which takes effect on 1 January 2015. The Protocol aims to prevent adhering parties from...more

Delaware Chancery Court Declines to Dismiss Fraud Claims Against Private Equity Fund and Directors

In Great Hill Equity Partners IV, LP v. SIG Growth Equity Fund I, LLLP, the Delaware Court of Chancery denied the defendants’ motion to dismiss fraud-based claims made in connection with Great Hill’s acquisition of Plimus, a...more

The Fed Extends Volcker Rule Conformance for Private Funds

The Federal Reserve Board has announced that it has extended the Volcker Rule’s conformance period for compliance with the private fund provisions for investments in, and relationships with, “legacy” covered funds....more

Volker Rule Compliance for Private Equity and Hedge Funds Extended

The Federal Reserve Board has acted under section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the Volcker Rule, to give banking entities until July 21, 2016, to conform investments...more

Corporate and Financial Weekly Digest - Volume IX, Issue 49

In this issue: - Delaware Chancery Court Declines to Dismiss Fraud Claims Against Private Equity Fund and Directors - Agencies Amend Regulatory Capital and Liquidity Coverage Ratio Rules - FINRA Proposes...more

Private Equity Fund Managers: Takeaways From The SEC’s Past Year in Enforcement

After a year of “first ever” actions targeting private equity, fund managers should be vigilant, even about seemingly small issues. In reviewing the results of SEC Enforcement’s fiscal year that ended on September 30,...more

2014 Proskauer Hedge Funds and Other Private Funds Annual Review

This year we saw a flurry of regulatory activity targeting investment advisers and hedge funds, private equity funds and other private funds (collectively, private funds). The following annual review is a summary of some of...more

Thanksgiving-Eve Delaware Chancery Court Decision Refuses to Dismiss Fraud-Based Claims Against Private Equity Investors and...

On Thanksgiving Eve the Delaware Chancery Court issued a detailed opinion sure to be of significance to all parties involved in M&A transactions, particularly in the private equity space. In Great Hill Equity Partners IV, LP...more

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