News & Analysis as of

Disclosure Requirements Fund Sponsors

Ropes & Gray LLP

Overview of ETF Share Class Operational Issues

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One of the most talked about topics in asset management is the possibility of offering Mutual Fund and ETF Classes in the same Fund. It appears that Funds may obtain the Relief necessary to offer these Share Classes in the...more

Alston & Bird

ILPA Releases Updated Reporting Template and New Performance Templates

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Our Investment Funds Team reviews new templates from the Institutional Limited Partners Association (ILPA) for the private funds and private equity industries....more

Robinson Bradshaw

New Disclosure Requirements for Fund Sponsors Under the California Venture Capital Diversity Reporting Law

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In June, California approved amendments to its October 2023 law, Fair Investment Practices by Venture Capital Companies (California VC Diversity Law). The California VC Diversity Law requires covered venture capital...more

Foley & Lardner LLP

The Challenges and Benefits of Partial Exits

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As private equity (PE) firms and financial sponsors of all varieties look for ways to generate liquidity in today’s economic climate, partial exits are becoming a tool that some firms leverage to provide returns to investors....more

Goodwin

SEC Issues Updated Marketing Rule FAQ on IRRs for Funds With Subscription Facilities

Goodwin on

On February 6, 2024, the staff of the Securities and Exchange Commission (SEC) issued an updated FAQ with respect to the Marketing Rule (Rule 206(4)-1) under the Investment Advisers Act of 1940 (the Advisers Act). This FAQ...more

Pillsbury Winthrop Shaw Pittman LLP

The Corporate Transparency Act and New Compliance Obligations for Real Estate Developers, Investors, Fund Sponsors and Others

One portion of the National Defense Authorization Act creates a federal beneficial ownership registry, with reporting requirements for corporations, LLCs and “other similar entities.” The Corporate Transparency Act creates...more

Skadden, Arps, Slate, Meagher & Flom LLP

Private Fund Managers Should Prepare for New ESG-Related Regulatory Obligations

The list of events for which 2020 will be remembered continues to grow and we are only two thirds of the way through the year. Environmental, social and governance (ESG) issues have come into focus in the financial community,...more

Pillsbury Winthrop Shaw Pittman LLP

SEC Amends Disclosure Requirements for Guaranteed Securities

The amendments will become effective on January 4, 2021, with earlier compliance permitted. The amendments focus on providing material financial and non-financial information regarding guarantees and other credit...more

Proskauer Rose LLP

Growth in Fund Finance Market Leads to Increased Financing Options: Focus on Co-Investment Credit Facilities

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The fund finance market has continued to grow at a fast pace in recent years. Increased demand by fund sponsors for fund-related financings has led to a large influx of new lenders. In trying to maintain or gain market share,...more

Jones Day

SEC's Unwavering Focus on Disclosure of Valuation Methods and Calculation of IRRs by Fund Sponsors

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The recent SEC subpoena of a fund sponsor for additional information concerning how it calculates internal rates of return ("IRRs") indicates that investment performance disclosure, and specifically the calculation of IRRs,...more

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