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Acquisitions Business Development Companies

Skadden, Arps, Slate, Meagher & Flom LLP

Delaware Enacts Protections for Closed-End Fund Investors

On July 27, 2022, Delaware Gov. John Carney signed into law amendments to the Delaware Statutory Trust Act (DSTA). These amendments include the addition of new Subchapter III — Control Beneficial Interest Acquisitions...more

Goodwin

Delaware Adopts Control Share Acquisition Statute for Registered Closed-End Funds and Business Development Companies Organized In...

Goodwin on

The state of Delaware recently amended the Delaware Statutory Trust Act to adopt a control share acquisition statute (the “Control Share Statute”) as an anti-takeover defense. Beginning on August 1, 2022, the effective date...more

McDermott Will & Emery

Platform Investments in Renewable Energy Projects - Structural Solutions and Critical Issues to Consider

McDermott Will & Emery on

Investments in renewable energy assets have become increasingly popular with institutional and private equity investors—and not to mention family offices—because of their reputation as a relatively safe and stable investment,...more

Proskauer Rose LLP

SEC Issues Final Rules on Registered Investment Company and Business Development Company Acquisition and Financial Statement...

Proskauer Rose LLP on

The Securities and Exchange Commission (the “SEC”) recently adopted final rules (the “Final Rules”) amending Regulation S-X and related rules and forms in a manner that directly impacts registered investment companies and...more

Dechert LLP

SEC Streamlines Financial Disclosure Requirements Applicable to Business Acquisition and Disposition Transactions

Dechert LLP on

On May 21, 2020, the U.S. Securities and Exchange Commission (the “SEC”) announced adoption of updates to the financial disclosure requirements of Regulation S-X and related rules applicable to the acquisition and disposition...more

Dechert LLP

SEC Proposes Revisions to Rules Requiring BDCs to Include Financial Information of Majority-Owned or Controlled Portfolio...

Dechert LLP on

In May 2019, the SEC proposed amendments to the rules that require BDCs to include (i) certain financial information pertaining to their majority-owned or controlled portfolio companies and (ii) historical and pro forma...more

Eversheds Sutherland (US) LLP

SEC proposes revised “significant subsidiary” tests for investment companies and reduced financial information requirements for...

On May 3, 2019, the Securities and Exchange Commission (SEC) voted to propose rule amendments with regard to financial disclosures about acquired and disposed businesses (the “Proposal”), including amendments specific to...more

Dechert LLP

INDUSTRY OUTLOOK - Private Credit, BDCs and Everything in Between - 2019 Edition

Dechert LLP on

In this report, members of Dechert’s multidisciplinary permanent capital team provide a round-up of legal and business considerations for private credit, BDCs and everything in between. Topics covered include: -...more

Dechert LLP

SEC Proposes Changes to Regulatory Framework of Fund of Funds Arrangements and Requests Comments on Potential Changes to AFFE...

Dechert LLP on

The Securities and Exchange Commission voted on December 19, 2018 to propose Rule 12d1-4 (proposed rule) and related amendments to the regulatory framework governing funds that invest in other funds (“fund of funds”...more

Morrison & Foerster LLP

Acquired Fund Fee Expenses and Business Development Companies

The requirement of the Securities and Exchange Commission (the “SEC”) for registered open-end funds to disclose “acquired fund fees and expenses” (“AFFE”) of other funds they invest in, including business development...more

Dechert LLP

Global Private Equity Newsletter - Winter 2016 Edition: Riding the BDC Consolidation Wave

Dechert LLP on

The past 18 months have seen a wave of consolidation among business development companies (“BDCs”). Oak Hill Advisors, L.P. took over the advisory role for NGP Capital Resources Company (now OHA Investment Corporation) after...more

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