News & Analysis as of

Private Funds

The Financial Report, Volume 6, Number 15

by DLA Piper on

Discussion and Analysis - As elementary and middle-school students, we always hoped that our regular teachers would be absent and that we would be supervised by a “substitute teacher.” The normal rules of the classroom...more

ILPA Issues Guidance on Use of Subscription Credit Facilities

by Dechert LLP on

The Institutional Limited Partners Association (“ILPA”), the body that represents the international limited partner community, has recently issued a best practice guide to assist both investors and managers1 with the use of...more

ILPA Issues Guidance on “Subscription Lines of Credit and Alignment of Interests”

by Goodwin on

Subscription lines of credit, or capital call facilities – which are just two of the many names given to borrowing arrangements put in place by private fund managers at the fund level – have been in the market for many years...more

Private capital update: Plenty of dry powder, but few targets of opportunity

by Thompson Coburn LLP on

If there were a few overarching themes of the first quarter of 2017 in the private capital community, they would be the following: The fundraising environment remains robust, but capital continues to flow...more

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

Taiwan: Cross-border opportunities amid global change: Current Asia-Pacific financing trends: Key issues and opportunities - A...

by White & Case LLP on

Significant economic factors and various government policies have been driving financing opportunities, financing structures and the types of deals that have recently closed and are currently being conducted throughout the...more

The Department of Labor’s New Fiduciary Rule: Frequently Asked Questions for Private Fund Advisers

by Jackson Walker on

Core elements of the U.S. Department of Labor’s controversial new fiduciary investment advice rule (the “Fiduciary Rule”) became effective on June 9, 2017, despite President Trump’s February 3, 2017 memorandum ordering...more

China opens up the securities investment fund management industry: the first in a journey of ten thousand steps?

by Hogan Lovells on

On 30 June 2016, the industry self-regulating body, the Asset Management Association of China published what, on the face of it, appeared to be a fairly innocuous document entitled Questions and Answers regarding the...more

Real Estate Fund Advisers And Penumbra Registration

by Allen Matkins on

Last August, the Securities and Exchange Commission adopted amendments to Form ADV, the form used by investment advisers to register with the SEC and with the states. Included in these amendments were changes to allow...more

More On Real Estate Funds And The Investment Advisers Act

by Allen Matkins on

In a previous post, I began to delve into the question of what is a “real estate fund”. See SEC Staff Reports On “Real Estate Funds”, But What Exactly Are They? As noted in that post, a “real estate fund” as defined in Form...more

New UK Limited Partnership for Private Funds

by Seyfarth Shaw LLP on

On 6 April 2017, a new form of limited partnership came into existence with the introduction of a ‘private fund limited partnership’ (PFLP) under the Legislative Reform (Private Fund Limited Partnership) Order 2017 (LRO). ...more

California Law Requires Enhanced Fee Disclosure for Public Pension and Retirement Systems Investing in Private Funds

by Morrison & Foerster LLP on

Assembly Bill 2833 passed by the California legislature and signed into law by Governor Jerry Brown went into effect January 1, 2017, as California Government Code Section 7514.7 (“Section 7514.7”). It received wide support...more

English LPs Upgraded: The Private Fund Limited Partnership

by Reed Smith on

The government recently consulted on proposed changes to the Limited Partnerships Act 1907 (the “LPA 1907”) and the Legislative Reform (Private Fund Limited Partnerships) Order 2017 (“LRO”) implementing those changes came...more

The Adviser: A Quarterly Update for Private Funds

by Bryan Cave on

This Newsletter discusses recent key guidance releases, regulatory changes, noteworthy news and certain upcoming compliance deadlines. ...more

Limited Partnership Reform – Streamlining the Existing UK Limited Partnership Regime for Private Funds

by Proskauer Rose LLP on

On 6 April 2017, changes to the law governing UK limited partnerships will come into effect through the Legislative Reform (Private Fund Limited Partnerships) Order 2017 (the "LRO"). The changes introduce the new concept of a...more

Reform of the UK Limited Partnerships Act

by Goodwin on

The long awaited changes to the 1907 Limited Partnerships Act (the Act) will finally arrive on 6 April, despite the UK government initially opting to delay implementation until the results of the consultation into Scottish...more

China opens up the securities investment fund management industry: the first in a journey of ten thousand steps?

by Hogan Lovells on

On 30 June 2016, the industry self-regulating body, the Asset Management Association of China published what, on the face of it, appeared to be a fairly innocuous document entitled Questions and Answers regarding the...more

UK Private Equity and Venture Capital Funds, Take Note: New PFLP

by McGuireWoods LLP on

From 6 April 2017 a new private fund limited partnership (PFLP) vehicle will be available. Limited partnerships are a commonly used structure for private equity and venture capital funds. The Legislative Reform...more

SEC Speaks: 2017 Enforcement and Exam Trends for Private Funds

At the recent SEC Speaks program, sponsored by PLI, senior SEC staff members provided valuable insight into the SEC’s 2017 priorities for private funds. While the tenor of this year’s discussion seemed to focus more on...more

Corporate and Financial Weekly Digest - Volume XII, Issue 8

EU and Prudential Regulators Issue Statements on March 1 Compliance With Swap Margin Rules - Lacking the ability to issue formal no-action relief from strict compliance with the variation margin rules for uncleared swaps...more

Reminder: Certain U.S. Reporting and Compliance Obligations for Investment Advisers and Funds

by Dechert LLP on

The U.S. federal securities laws and the rules of U.S. self-regulatory organizations (such as the Financial Industry Regulatory Authority) impose certain reporting and compliance obligations on investment advisers and funds....more

The Top Ten Regulatory and Litigation Risks for Private Funds in 2017

Private investment funds and advisers are likely to face new regulatory challenges and increased litigation risks in 2017, not only because of a change in the administration, but also because many advisers have not corrected...more

Funds Talk: February 2017

Private Fund Advisers, Robo-Advisers, ETFs Among SEC, FINRA Exam Priorities for 2017 - As the new year begins, U.S. regulators highlighted the areas – some new and some familiar – which will be the focus of their...more

SEC Releases 16 New FAQs on Form PF

by Proskauer Rose LLP on

On January 18, 2017, the SEC released 16 new FAQs relating to Form PF. Of these 16, 3 relate to general filing information and the remaining 13 are specific to particular sections of Form PF. As a reminder, Rule 204(b)-1...more

SEC Examination Priorities for 2017 – What do Robots, Senior Investors, and Payment for Order Flow Have in Common?

This week, the SEC’s Office of Compliance Inspections and Examinations (OCIE) released its Examination Priorities for 2017 that reflects certain practices, products, and services that OCIE perceives to present potentially...more

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