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Fund Managers

Hogan Lovells

Luxembourg - New attractive carried interest regime

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On 22 January 2026, the Luxembourg parliament adopted a reform of the carried interest regime (the “Law”)1, aiming at extending its benefits, making it more attractive, and clarifying its tax treatment. This reform2,...more

Blake, Cassels & Graydon LLP

Canada Revenue Agency to Expand GST/HST to Mutual Fund Trailing Commissions as of July 2026

The Canada Revenue Agency (CRA) has made a significant reversal of its longstanding administrative position on the GST/HST treatment of mutual fund trailing commissions. Historically treated as exempt financial services, the...more

McGuireWoods LLP

New Mountain Closes New Fund With $1.2 Billion

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New Mountain Capital announced the closing of its second non-control private equity fund. The fund, New Mountain Strategic Equity Fund II, closed at $1.2 billion, exceeding its hard cap of $1 billion....more

White & Case LLP

Luxembourg Confirms A Clear And Competitive Carried Interest Framework

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Luxembourg has formally adopted its new carried interest regime on 22 January 2026, marking a key milestone in the modernisation of its tax framework for private capital and asset management. This adoption follows the...more

Stikeman Elliott LLP

GST/HST to Apply to Mutual Fund Trailing Commissions Effective July 1, 2026

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The Canada Revenue Agency (“CRA”) has recently revised its longstanding administrative position on the GST/HST exempt-treatment of mutual fund trailing commissions. Under the new position that will be enforced as of July 1,...more

Skadden, Arps, Slate, Meagher & Flom LLP

Tokenization Is Coming to a Fund Near You: Designing the Structures to Make Investment Tokens Work

Tokenization of private equity (PE) and venture capital (VC) fund interests is rapidly gaining traction in Asia, as fund managers and service providers seek to leverage blockchain technology to enhance liquidity, broaden...more

A&O Shearman

EC Consults On Reform Of Venture And Growth Capital Funds

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The European Commission (EC) has launched two consultations on reforming the rules for venture and growth capital funds. The consultations seeks to explore potential changes to the regulatory framework applying to such funds...more

Haynes Boone

2026 Regulatory Update for Investment Managers and Private Funds

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For investment advisers, investment managers, private funds, commodity pool operators and commodity trading advisors looking to navigate 2026 with confidence, this update serves as a starting point to prepare for the year...more

A&O Shearman

CSSF Circular 25/901: A simplified and modernized framework for Part II UCIs, SIFs and SICARs with proportionate protections per...

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The CSSF’s Circular 25/901 (Circular) consolidates and modernizes the supervisory framework for Luxembourg SIFs, SICARs and Part II UCIs. It replaces several longstanding circulars and codifies CSSF expectations across...more

McDermott Will & Schulte

AIFMD 2: Implementation deadline approaching

AIFMD 2 introduces a new loan-origination regime, with general rules applicable to all AIFs that originate loans, and more stringent requirements applicable to AIFs that qualify as loan-originating AIFs....more

Jones Day

What Does "Fair, Clear and Not-Misleading" Mean in the Context of Fund Strategies?

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It has been the case for many years that promotional materials in the EU must be “fair, clear, and not mis-leading”. However, how should managers interpret this high-level requirement when describing their approach to ESG...more

Ropes & Gray LLP

[Podcast] Considerations for Fund Managers and Investors in Light of EMG Litigation

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On this Ropes & Gray podcast, partners Bil Davison and Adam Dobson are joined by counsel Kevin White to discuss recent high-profile litigation involving Energy & Minerals Group’s (EMG’s) single asset continuation vehicle...more

McDermott Will & Schulte

Year ahead in the UK for private fund managers

The private fund management sector will face unprecedented regulatory change in the UK in 2026 as new rules and regulations are introduced, which are designed to promote competition and growth, whilst supporting financial...more

Goodwin

Investment Manager Consolidation in Real Estate: Trends, Drivers, and Considerations

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Consolidation among real estate investment managers has long been a feature of the market. What distinguishes the current landscape is the breadth of market participants and range of strategic objectives and deal structures...more

Mayer Brown Free Writings + Perspectives

Understanding the Spectrum of Permanent Capital Vehicles

Asset management vehicles, especially those regulated under the Investment Company Act of 1940 (the 1940 Act), are frequently painted with a broad brush and described as having the same or virtually indistinguishable...more

McGuireWoods LLP

Lindsay Goldberg Closes New Fund With $4.9 Billion

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Lindsay Goldberg announced the closing of its sixth fund. The fund, Lindsay Goldberg VI, closed with $4.9 billion, surpassing its target of $4.0 billion....more

Ropes & Gray LLP

Private Capital: UK and EU Tax Themes and Initiatives to Be Aware of in 2026

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As the private capital industry looks ahead to 2026, the UK and EU tax landscape is set to present both challenges and opportunities. Recent developments and ongoing policy initiatives will have a direct impact on deal...more

Walkers

Launching your first fund: Seven key considerations for emerging managers

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The journey from conceptual idea to launching a fund and taking on capital can be both exhilarating and daunting for new and emerging fund managers....more

A&O Shearman

ESMA Assesses Impact Of Guidelines On Use Of ESG Or Sustainability-Related Terms In Fund Names

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The European Securities and Markets Authority (ESMA) has published a risk analysis report assessing the impact of its guidelines on the use of ESG or sustainability-related terms in fund names. The study found that the...more

Alston & Bird

CFTC No-Action Letter 25-50 Provides Interim Registration Relief for Certain Private Fund Managers

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The Commodity Futures Trading Commission’s new no-action relief creates a temporary pathway for certain private fund managers to avoid or de-register from commodity pool operator (CPO) registration. Our Investment Funds Team...more

Dorsey & Whitney LLP

2026 Private Funds Compliance Calendar

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Dorsey’s 2026 Private Funds Compliance Calendar addresses certain key regulatory obligations that apply to private funds and private fund advisers....more

Carey Olsen

Jersey digital assets - December 2025 update

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Our Jersey update highlights the key regulation and legislation implemented by the Jersey Financial Services Commission ("JFSC"), and it's impact on Virtual Asset Service Providers ("VASPs"), tokenisation and digital asset...more

McDermott Will & Schulte

CFTC restores registration exemption for many private fund managers

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The regulatory framework governing the intersection of derivatives markets and the private fund industry has reached a pivotal inflection point. On December 19, 2025, the Market Participants Division of the Commodity Futures...more

DLA Piper

Active Investor Plus Visa Explained: New Zealand’s Updated Residency-By-Investment Regime

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The AIP visa effectively allows a non-New Zealand resident to obtain a pathway to New Zealand residency by making a qualifying investment of as little as NZD5 million under the “Growth” Category. And, under very recent...more

McDermott Will & Schulte

Market analysis: 10 trends affecting global private markets for 2026

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Welcome to the fifth edition of the Private Markets Update, a report in which our cross-border, multidisciplinary team of private capital advisers shares insights on the latest trends emerging across global private markets....more

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