Markets have recently been experiencing heightened volatility and credit availability has tightened, which has placed valuation practices under unusual pressure from regulators and investors. The events of the past several...more
GP-led secondary transactions continued to soar in popularity in 2025. With mixed economic indicators potentially impeding other kinds of private equity exit events, the uptick in continuation funds shows no signs of slowing...more
Choose your words carefully because careless words cost.
Never has this been more true than in disclosures about environmental, social and governance matters. As divergence between the US federal government and “red...more
Use of technology referred to as “artificial intelligence” is fast finding its way into many aspects of commercial life. Registered investment advisers are no exception as AI tools are already being used for screening and...more
As has been widely reported, digital infrastructure has become one of the fastest growing investment structures in recent years, most recently driven by the explosion in demand from firms in the artificial intelligence (AI)...more
Private credit has spent a decade rising from niche alternative to central pillar in global finance. It has become a multi-trillion-dollar engine of corporate lending, infrastructure finance, asset-based credit, specialty...more
If we had to define the mood for 2026 in three words, we would choose alert, intentional and institutional. After several years of normalizing longer hold periods and navigating evolving regulatory frameworks, 2026 will see...more
3/18/2026
/ Artificial Intelligence ,
Cryptocurrency ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Investment Funds ,
Private Equity ,
Private Funds ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Valuation
Prediction markets now offer contracts tied directly to public company events—including stock price movements, earnings call language, regulatory outcomes, corporate announcements, and management decisions. These contracts...more
Courts issued two seemingly conflicting rulings on whether AI generated materials are protected. Heppner (S.D.N.Y.) found that documents created with a consumer version of Claude AI were not privileged or work product because...more
3/3/2026
/ Access To Justice ,
Artificial Intelligence ,
Attorney-Client Privilege ,
Commercial Litigation ,
Confidential Information ,
Discovery Disputes ,
e-Discovery ,
Federal Rules of Civil Procedure ,
Legal Project Management ,
Legal Technology ,
Litigation Strategies ,
Motion to Compel ,
Privileged Communication ,
Work-Product Doctrine
An action filed in late November 2025 in the Delaware Court of Chancery by an investor in a private equity fund highlights the potential risks to fund sponsors when investors are dissatisfied with continuation vehicle (“CV”)...more
An action filed last month in the Delaware Court of Chancery by an investor in a private equity fund highlights the potential risks to fund sponsors when investors are dissatisfied with continuation vehicle (“CV”)...more
On November 17, 2025, the SEC’s Division of Examinations released its 2026 Examination Priorities (“Priorities”). Despite a shift in “tone at the top” under Chair Atkins, the Priorities indicate that the Division will...more
On August 15, 2025, the Securities and Exchange Commission (“SEC”) issued an order settling proceedings against TZP Management Associates, LLC (“TZP”) for allegedly miscalculating management fee offsets between 2018 and 2023....more
8/22/2025
/ Contract Terms ,
Disclosure Requirements ,
Enforcement Actions ,
Enforcement Priorities ,
Fiduciary Duty ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Private Funds ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Fraud
Two SEC enforcement actions from earlier this month, each including charges against a firm’s Chief Compliance Officer in their personal capacity, underscore the importance of maintaining accurate records and upholding...more
8/1/2025
/ Books & Records ,
Chief Compliance Officers ,
Enforcement Actions ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Misleading Statements ,
Penalties ,
Personal Liability ,
Recordkeeping Requirements ,
Registered Investment Advisors ,
Regulatory Oversight ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC)
As businesses accelerate their use of automated tools to record and transcribe meetings, risks are growing. The use of these “AI tools” to transcribe meetings, such as witness interviews, expert network calls, investment...more
The last two decades have been marked by robust enforcement of the U.S. Foreign Corrupt Practices Act (“FCPA”) by the U.S. Department of Justice (“DOJ”) and Securities and Exchange Commission (“SEC”). In line with its “shock...more
In addition to the normal operational and legal risks associated with owning and managing portfolio companies, 2025 has introduced or exacerbated a wave of geopolitical and macroeconomic risks such as inflation, tariffs,...more
On May 12, 2025, the U.S. Department of Justice (DOJ) issued a memorandum outlining the Criminal Division’s enforcement priorities and policies for prosecuting corporate and white-collar crimes in the new Administration....more
Times of economic volatility often increase disparities between a seller’s valuation and the buyer’s valuation of the same company. Earn-out provisions are one tool frequently used to address such disparities. An earn-out...more
6/18/2025
/ Acquisitions ,
Contract Disputes ,
Contract Terms ,
Dispute Resolution ,
Earn-Outs ,
EBITDA ,
Litigation Strategies ,
Mergers ,
Private Equity ,
Risk Management ,
Valuation
Private credit has become an essential source of financing globally, with fund sponsors enjoying strong demand from borrowers, market participants, and investors. However, as the industry’s “golden age” continues, regulatory...more
Amid a challenging environment for exits, especially in the wake of the recent market volatility, private fund managers continue to pursue alternative strategies, such as term extensions and liquidity solutions, to ride out...more
Motivated by a rapidly evolving geopolitical climate, governments around the globe have increasingly scrutinized and intervened in transactions under foreign direct investment (FDI) screening regimes in recent years. Rising...more
With Paul Atkins as the new SEC Chair, the agency’s priorities have shifted away from many of the aggressive policies of former Chair Gensler. The first four months of the Republican controlled SEC saw a dramatic shift in the...more
6/18/2025
/ Enforcement Actions ,
Enforcement Priorities ,
Fund Managers ,
Investment Advisers Act of 1940 ,
Investment Management ,
Private Funds ,
Regulatory Reform ,
Retail Investors ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Over the past year, regulatory scrutiny of the credit markets has intensified, with the SEC investigating the potential use of material nonpublic information (“MNPI”) relating to credit instruments. The SEC brought a number...more
With ESG regulation now well embedded across all major jurisdictions, the trend we see for 2025 is about increasingly sophisticated triangulation by private fund managers between the regimes that apply by default (such as...more
5/7/2025
/ Disclosure Requirements ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
European Securities and Markets Authority (ESMA) ,
Fund Managers ,
Greenwashing ,
Investment Funds ,
Popular ,
Private Funds ,
Regulatory Agenda ,
Regulatory Requirements ,
SFDR ,
Sustainable Finance