Connecticut-Based Private Funds Continue to Face Increased Regulation

Morrison & Foerster LLP
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Earlier this winter Connecticut lawmakers introduced three pieces of legislation that would increase the regulatory obligations of private funds operating in Connecticut: An Act Concerning Hedge Funds (S.B. No. 953), An Act Concerning the Licensing of Hedge Funds and Private Capital Funds (H.B. No. 6477), and An Act Requiring Disclosure of Financial Information to Prospective Investors in Hedge Funds and Private Capital Funds (H.B. No. 6480). Although the Acts are directed at hedge funds, they appear to apply equally to other private funds, including private equity and venture capital funds. Connecticut’s hedge fund industry is sizable; by some estimates Connecticut has the third-largest concentration of hedge fund assets under management in the world, following New York and London.

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