The Preferred Return Podcast | Spin-outs and New Fund Sponsors
Business Better Podcast Episode: Investing in Consumer Brands – A Conversation with SBJ Capital
New SEC Private Funds Rules – What Is Happening and What You Need to Know - Troutman Pepper Podcast
PLI's inSecurities Podcast - Alternative Asset Managers in the Crosshairs
PLI's inSecurities Podcast - Compliance and Enforcement Considerations for Private Funds & RIAs
Nota Bene Podcast Episode 133: What’s Driving the Shift Toward Renewable Energy? with Paul Kaufman and Ben Huffman
Challenges for Infrastructure Projects in the Current Environment
Investment Management and Private Funds Roundtable – June 2020
Investment Management and Private Funds Roundtable: TALF 2020 and PPP Update
Videocast: Asset management regulation in 2020 videocast series – The SEC’s proposed accredited investor definition
Protecting Intellectual Property - Investment Management Roundtable Discussion
Videocast: Asset management regulation in 2020 videocast series – Private fund regulatory developments
Investment Management Roundtable Discussion – Personal Estate Planning
Podcast: Private Funds Update: The UK Stewardship Code 2020
Podcast: Private Fund Regulatory Update – Network and Cloud Storage
Podcast: Private Fund Regulatory Update: Post-U.S. Government Shutdown
Podcast: Keeping Up with Recent Changes and Trends in Private Fund Regulation
SEC Activity with Fixed Income and Credit Funds
The “retailisation” of private funds has been one of the industry’s most significant trends in recent years, with fund managers seeking sources of capital beyond their usual institutional, professional and sophisticated...more
The two most common exemptions from registration under the Investment Company Act of 1940 (the “Act”) utilized by private funds are under Section 3(c)(7) and Section 3(c)(1). Funds that do not qualify for an exemption under...more
Many private fund managers are breathing a sigh of relief after the Fifth Circuit struck down the Private Fund Rules (check out our blog post for more information). Do not, however, assume the SEC will stop its aggressive...more
In a challenging fundraising environment, private wealth investors are filling the gap, aided by investment platforms, intermediaries, and evolving legal structures. In recent years, inflationary pressures, interest rate...more
The Institutional Limited Partners Association (ILPA), a trade group for institutional investors in the private equity industry, recently published guidance for LPs and GPs concerning fund-level NAV facilities. See here for...more
On August 1, Senator Jack Reed (D-RI), a member of the Banking Committee, called on the Fed to create stricter regulations on credit risk transfer (CRT) transactions, which are transactions banks use to offload credit risk to...more
Our Investment Funds Team examines why the Securities and Exchange Commission is passing on the opportunity to appeal the Fifth Circuit’s ruling to vacate the Private Funds Rules....more
In a continuation of recent court decisions overturning the rulemaking authority of federal agencies, a recent decision by the U.S. Court of Appeals for the Fifth Circuit vacated the Securities and Exchange Commission’s (SEC)...more
On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit (the “court”) vacated the private fund adviser rule (the “rule”) adopted by the Securities and Exchange Commission (SEC) in September 2023. Notably, during the...more
Private Fund Rules Cancelled, Survey Says Marketing Rule is a Lot of Work and the Intersection of Regulation BI and Investment Adviser’s Fiduciary Duty - Welcome to our June Regulatory Roundup, where we provide you with a...more
Recently, the SEC settled another administrative proceeding under the Advisers Act's Marketing Rule. This time, the SEC focused on advertisements that a hedge fund sponsor made to prospective investors. The hedge fund's...more
As most fund managers have likely heard by now, on June 5, 2024, the US Court of Appeals for the Fifth Circuit vacated the private fund adviser rules that the Securities and Exchange Commission (SEC) adopted in summer 2023,...more
On June 5, 2024, the Fifth U.S. Circuit Court of Appeals (the Fifth Circuit) ruled, in a unanimous 3-0 decision, to vacate the U.S. Securities and Exchange Commission’s (SEC) much maligned Private Fund Advisers; Documentation...more
The Fifth Circuit Court of Appeals has vacated a Securities and Exchange Commission rule that represented one of the most significant changes to regulating private funds and private fund advisers since 2010....more
The U.S. Court of Appeals for the Fifth Circuit held that the new SEC regulation of private fund advisers exceeded the agency's statutory authority....more
On June 5, 2024, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) unanimously vacated the “Private Fund Adviser Rules,” which the U.S. Securities and Exchange Commission (the SEC)...more
We have separately discussed the common exemptions from registration of a fund manager with the Securities and Exchange Commission (SEC) as an investment adviser and from registration with the Commodity Future Trading...more
In a highly anticipated opinion, the Fifth Circuit announced on June 5, 2024 its decision to vacate rules adopted by the Securities and Exchange Commission (SEC or the Commission) in 2023 (collectively, the Rule) that would...more
On June 5, the U.S. Court of Appeals for the Fifth Circuit vacated an SEC rule that represented a significant change in how private funds and their fund advisers are regulated. As it stands, the decision will spare private...more
In a unanimous decision published on June 5, 2024, the US Court of Appeals for the Fifth Circuit vacated the entire set of regulations, including amendments to existing rules (collectively, the Rules), adopted by the US...more
Side letters have gone through a massive and largely unspoken transition over the last four to five years. From a position where a few investors in a closing might have quite short side letters dealing with niche issues we...more
Yesterday, a three-judge panel of the United States Court of Appeals for the Fifth Circuit unanimously vacated the Private Fund Adviser Rules adopted by the Securities and Exchange Commission (which we previously summarized)...more
In a 3-0 decision, the Fifth Circuit Court of Appeals vacated the SEC’s private fund adviser rules (“Final Rule”). Each component of the Final Rule was vacated, including the Private Fund Audit Rule, Private Fund Quarterly...more
On June 5, the Fifth Circuit Court of Appeals (Court) vacated the entire set of private fund adviser rules adopted by the Securities and Exchange Commission (SEC) on August 23, 2023. Many private fund advisers would have been...more
The Fifth Circuit Court of Appeals (Fifth Circuit) today issued its ruling striking down the “Private Fund Advisers Rule” (the “PFA”). The proposed PFA was introduced on February 9, 2022 (“Proposed Rule”). The Securities and...more