News & Analysis as of

Due Diligence Private Funds

Amundsen Davis LLC

Impact of the SEC’s 2024 Examination Priorities Report for Investment Advisers

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The Division of Enforcement (“Division”) for the Securities and Exchange Commission (“SEC”) released the 2024 Examination Priorities Report (“Report”) highlighting the key areas the Division will examine in 2024. The SEC’s...more

Pillsbury Winthrop Shaw Pittman LLP

FinCEN’s Proposed Rule to Regulate Investment Advisers: The Questions Industry Should Be Following

FinCEN is focused on customer due diligence, and both the 2024 Investment Adviser Risk Assessment and proposed rule indicate that investment advisers will be expected to assess customer identity, business model, and sources...more

Dechert LLP

SEC Division of Examinations Releases 2024 Priorities

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The SEC’s Division of Examinations (EXAMS) published its report on 2024 Examination Priorities on October 16, 2023. The 2024 Examination Priorities continue to reflect an examination program that is vigorous and broad...more

Troutman Pepper

SBA’s New Rules and Policies to Strengthen and Diversify Its SBIC Program

Troutman Pepper on

A small business investment company (SBIC) is a privately owned and operated investment fund that makes long-term investments in American small businesses and is licensed by the U.S. Small Business Administration (SBA). SBICs...more

K2 Integrity

[Webinar] Pre-Investment Due Diligence for Private Funds - April 19th, 9:30 am PT

K2 Integrity on

Pre-investment due diligence for private funds should be more than a check-the-box exercise that begins and ends in the final days of closing on a new deal. A due diligence investigation can identify undisclosed business...more

Proskauer - Corporate Defense and Disputes

SEC Enforcement Director and SDNY/EDNY Officials Address Enforcement Priorities

SEC Division of Enforcement Director Gurbir Grewal and several high-ranking officials from the U.S. Attorney’s Offices for the Southern and Eastern Districts of New York and the FBI spoke on November 29, 2022 at a conference...more

Holland & Knight LLP

EXAMS Publishes Risk Alert for Private Fund Advisers

Holland & Knight LLP on

As a piggyback to our prior posts on the U.S. Securities and Exchange Commission's (SEC) proposed amendments to Form PF (Jan. 21 blog and Jan. 26 blog), we now dig deeper into the Division of Examinations' (EXAMS)1 Jan. 27,...more

Morrison & Foerster LLP

SEC Identifies Additional Risk Areas from Examinations of Private Fund Advisers

On January 27, 2022, the SEC’s Division of Examinations (“EXAMS”) released a risk alert (the “Risk Alert”) outlining its observations regarding compliance issues uncovered by its staff in examinations of registered investment...more

Foley & Lardner LLP

Observations from Examinations of Private Fund Advisers

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On June 23, 2020, the U.S. Securities and Exchange Commission (SEC) Division of Examinations (EXAMS) issued a risk alert based on 5 years of examinations of registered investment advisers that manage private equity funds or...more

Faegre Drinker Biddle & Reath LLP

SEC’s Division of Examination Risk Alert Highlights Additional Risk Areas for Private Funds

On January 27, 2022, the U.S. Securities and Exchange Commission’s (SEC) Division of Examinations (SEC Exams) issued a risk alert regarding private funds to “assist private fund advisers in reviewing and enhancing their...more

McGuireWoods LLP

SEC Focus on Private Fund Advisers Continues With the Publication of EXAMS Risk Alert

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On January 27, 2022, the Division of Examinations (“EXAMS”) of the U.S. Securities and Exchange Commission (“SEC”) published a Risk Alert with its Observations from Examinations of Private Fund Advisers. This Risk Alert is...more

Vinson & Elkins LLP

[Webinar] Corruption in the Time of COVID-19 - September 16th, 8:00 am - 9:00 am CT

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While GDP and worldwide economies shrink under the continuing impact of COVID-19, government budgets have expanded to support healthcare responses to the pandemic and social-welfare in response to growing unemployment and...more

Dechert LLP

Private fund side letters: common terms, themes and practical considerations

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Side letters are an (increasingly) common way of formalising negotiated arrangements between a private fund and an investor. Whilst used more widely in the closed-ended fund context (given the limited withdrawal rights...more

Dechert LLP

ILPA Issues Guidance on Use of Subscription Credit Facilities

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The Institutional Limited Partners Association (“ILPA”), the body that represents the international limited partner community, has recently issued a best practice guide to assist both investors and managers1 with the use of...more

Morrison & Foerster LLP

FinCEN Proposes Anti-Money Laundering and Suspicious Reporting Rules for Registered Investment Advisers

On August 25, 2015, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed rules that would require registered investment advisers to adopt anti-money laundering (AML) programs and report...more

Carlton Fields

More Due Diligence For Investments In Private Funds

Carlton Fields on

The SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a January 28, 2014 Risk Alert summarizing current practices and trends in how investment advisers conduct due diligence on private funds they recommend...more

Foley Hoag LLP

Reminder: Private Fund Due Diligence Required to Comply with “Bad Actor” Provisions Under Rule 506 Which Take Effect Monday,...

Foley Hoag LLP on

As a reminder, under amendments to Rule 506 adopted by the Securities and Exchange Commission on July 10, 2013, any private fund conducting an ongoing offering of its securities is required to undertake due diligence to...more

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