Private Investment Funds

News & Analysis as of

Angola's New Private Investment Law

On 11 August 2015, Angola's New Private Investment Law ("NPIL") came into force on its publication in Angola's Gazette, repealing the previous 2011 law. Like its predecessor, the NPIL sets out the rules applicable to...more

Make Room for the Independent Sponsor

It’s no secret that it has become more difficult for traditional private equity firms to raise captive funds. In fact, California Public Employees’ Retirement System is looking to further reduce its number of private equity...more

BEA Report May Need To Be Filed by Managers of Offshore Funds by November 1

The U.S. Bureau of Economic Analysis (the “BEA”) requires U.S. financial institutions to file a benchmark survey – the BE-180 – once every five years. Although the BE-180 survey is not new, the BEA recently revised its...more

FinCEN Proposes AML Requirements for Registered Investment Advisers

The Financial Crimes Enforcement Network (FinCEN) has proposed long-expected regulations that would extend anti-money laundering (AML) requirements to federally registered investment advisers (RIA). The August 25, 2015...more

The Bespoke Solution—Advantages and Challenges in Tailoring Single Investor Funds

The world of private investment funds has been evolving to address the specific goals and expectations of investors, including pension plan sponsors and other investors with specific regulatory and economic needs. As a...more

Proposed Regulations Issued On Management Fee Waivers

On July 22, 2015, the U.S. Department of the Treasury and U.S. Internal Revenue Service issued proposed Treasury Regulations under Section 707(a)(2)(A) of the Internal Revenue Code of 1986, as amended, addressing management...more

Treasury Department and IRS Release Proposed Regulations on Management Fee Waivers

On July 22, 2015, the Treasury Department and the IRS released proposed regulations regarding fee-waiver arrangements commonly used by private investment funds. If finalized, the new rules would recharacterize certain...more

SEC Sanctions Hedge Fund Advisory Firm For Improper Valuations of Illiquid Securities

Returning to an enforcement priority repeatedly articulated over the years, the SEC recently imposed sanctions on a registered investment advisory firm and two principals arising out of an alleged scheme to inflate the...more

Fundraising Strategy: Open Dialogue

In crafting current fund investments, investors have negotiated with fund managers for greater transparency, more efficiency and more egalitarianism. Navigating these issues necessarily becomes the priority for any GP’s list...more

Africa Update - March 2015

In This Issue: - Leading the News - United States – Africa Relations - North Africa - East Africa - West Africa - Sub - Saharan Africa - General Africa News - Excerpt from Leading the...more

Dubai International Financial Centre Introduces New Qualified Investor Funds Regime

As a result of an extensive benchmarking process against established fund regimes in Luxembourg, Cayman Islands and Ireland, the Dubai Financial Services Authority (the DFSA) has recently implemented a new Qualified Investor...more

Complaint Filed for Alleged Insurance Fraud Scheme on Secondary Market

On October 3, 2014, a lawsuit captioned Visión en Análisis y Estrategia, S.A. de C.V., et al. v. Karl Andersen, et al., was filed in the Southern District of New York alleging an insurance fraud scheme perpetrated against the...more

Early Preview of 2015 SEC Exam Priorities

The SEC continues to set its sights on certain types of funds that it believes may present a higher risk of conflict of interest and confusion in the way they are designed and marketed. After signaling earlier this year that...more

California’s New Rule for Private Fund Advisers will Result in Significant New Requirements and Restrictions for Many California...

On August 27, 2012, the California Department of Corporations adopted a new Rule 206.204.9, which was intended to encourage capital investment in private investment funds by providing an exemption from investment adviser...more

Court Rules Private Fund Data Is Not A Public Record

Private equity and venture capital funds like public pension fund money but they don’t necessarily like the consequences of having the government as an investor. As noted in this post, this was illustrated by Superior Court...more

The Final Volcker Rule Begins to Emerge

We issued a client memorandum on December 9 listing the major topics to look for when the five financial regulatory agencies agreed to finalize the Volcker Rule, which generally prohibits banking organizations from engaging...more

COP 19 – Day 10 of the Conference

Introduction - The high-level ministerial discussions continued on Wednesday with a focus on trying to reach a consensus as to scaling up finance to the “magic number” of US$100 billion per year by 2020....more

A new test for the Pacto por México: energy reform – key points for energy companies

President Enrique Peña Nieto has submitted a sweeping Energy Reform Bill (ERB) to Mexico’s Congress. In his recent State of the Union Address, President Peña Nieto confirmed his commitment to move forward decisively with...more

SEC Staff Report Relating To The Use Of Data Collected From Form PF

The Dodd-Frank Act provided the SEC with new authority, and directed it to use this authority to require registered investment advisers to maintain records and file reports regarding the hedge funds, private equity funds and...more

Private Investment Funds May Be Liable for Portfolio Company's Underfunded Pension Liabilities under First Circuit Ruling

On July 24, 2013, the U.S. Court of Appeals for the First Circuit held that a private equity investment fund was engaged in a "trade or business" under the Employee Retirement Income Security Act of 1974, as amended (ERISA)...more

Private Investment Funds May Be Liable For Portfolio Company’s Underfunded Pension Liabilities Under First Circuit Ruling

On July 24, 2013, the U.S. Court of Appeals for the First Circuit ruled in Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund (No. 12-2312, 2013 WL 3814984) that a private equity...more

SEC Eliminates Ban on General Solicitation in Private Offerings

On July 10, 2013, the SEC took the following actions that are likely to have a significant impact on hedge funds, private investment funds and other companies that raise capital through private offerings of securities...more

Ropes & Gray’s Private Investment Fund Update: June 2013

Highlights - SEC Updates Form PF "Frequently Asked Questions" - The SEC recently released updated "Frequently Asked Questions" relating to Form PF that, among other things, clarified how Form PF filers should...more

AIFMD Implementation – What Should Non-EU Private Fund Advisers be doing?

The Alternative Investment Fund Managers Directive (“AIFMD”) has been in the public domain for over two years. However, various legal measures, both at European Union (“EU”) and at individual EU Member State (“Member State”)...more

New Freedoms & Heightened Scrutiny Complicate the US Private Fund Marketing Environment

Originally published in CorporateLiveWire on February 21, 2013. The last few years have witnessed tectonic shifts in U.S. laws and regulations that effect the management and operations of hedge funds, private equity...more

44 Results
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.