News & Analysis as of

Investment Portfolios

Obscure Provision of New Tax Act Complicates Testamentary Tax Planning for Nonresidents with U.S. Beneficiaries

by Charles (Chuck) Rubin on

Nonresidents with a significant portfolio of U.S. stocks typically use a non-U.S. corporation to hold their portfolio. This is because U.S. stocks are generally subject to U.S. estate taxes at the death of their owner, and...more

What should Private Equity be expecting 2018 to look like?

by Hogan Lovells on

As we kick off the new year, what should PE be expecting 2018 to look like on the deal and fundraising front? As a backdrop, we have the large scale tax reform in the U.S. which should be a spur for doing deals...more

The Effects of Tax Reform on Private Equity

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA), the most extensive overhaul of the United States tax regime in over thirty years. The new tax law will have a significant impact upon...more

Strategic Alternatives for Real Estate Portfolios, Part IV – Sale of the Portfolio

by King & Spalding on

This is the fourth piece in a five-month series of REIT Advisor that provides a high-level overview of the advantages and disadvantages of individual strategic alternatives for private real estate portfolios. This month’s...more

Sun Capital Redux: Private Equity Fund Seeks Declaratory Judgment on Controlled Group Liability for Portfolio Company's Pension...

by Proskauer Rose LLP on

In light of the recent decisions by the U.S. Court of Appeals for the First Circuit and the U.S. District Court for the District of Massachusetts in Sun Capital, private investment funds, multiemployer pension funds and the...more

A Strategic Approach To Launching A New Fund

by Pepper Hamilton LLP on

Many managers have portable track records from prior firms that they can legally use to market their new funds. This means that the manager owns the rights to the supporting data and that the strategy and decision-makers are...more

Early Partial Exits Pose Opportunities and Challenges for Private Equity

by Latham & Watkins LLP on

The exit environment recently ranked as the second greatest challenge facing global PE fund managers, according to Preqin’s H1 2017 Outlook report. As buyout firms weigh an uncertain exit outlook, they are increasingly...more

New Registered Form Regs Proposed

by Morgan Lewis on

The IRS has proposed new regulations that would amend the definition of a “registration-required obligation” to broaden the scope of the types of arrangements that constitute pass-through certificates that generate portfolio...more

Cornerstone Advisory Q&A with Mike Gill

by Womble Bond Dickinson on

Wealth Management had the opportunity to interview Mike Gill, Portfolio Manager, and the investment committee of Cornerstone Advisory....more

ICI Requests Delay and Re-Examination of Liquidity Risk Management and Reporting Modernization Rules

by Dechert LLP on

In a letter to U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton, the Investment Company Institute (ICI) formally requested a delay and re-examination of certain elements of Rule 22e-4 under the Investment...more

Direct Issuance is Here – A New Paradigm for Single Asset Single Borrower (SASB) Securitization

by Dechert LLP on

A standalone securitization of a portfolio of properties closed in June. To our knowledge, this was the first transaction in recent memory done in a direct issuance format. In this case, direct issuance means that the...more

USAO Moves To Dismiss Charges Related To London Whale

by Dorsey & Whitney LLP on

The saga of the London Whale appears to be drawing to a close. The Manhattan U.S. Attorney’s Office moved to dismiss charges against two former JP Morgan derivatives traders who were colleagues of Bruno Iksil, the London...more

African Resilience! Private Equity in Africa proves its mettle

by Hogan Lovells on

Despite numerous economic, political and regulatory challenges faced by investors, Private equity in South Africa appears to continue to deliver long term sustainable returns for its stakeholders and has outperformed major...more

New California Law Requires Increased Private Fund Fee and Expense Disclosure

by Proskauer Rose LLP on

Recent state legislative developments in California will require disclosure of certain information by private investment fund managers, primarily in the area of fees and expenses incurred by state and local pension and...more

Investment Funds Update - Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

AMF Doctrine – Authorisation of “Pre-Marketing” Activities - The AMF updated its Position n° 2014-04, which is a guide to the marketing regime of UCITS and AIFs in France. These changes have been implemented following...more

Dividing the Assets: Different Types of Businesses

by Ervin Cohen & Jessup LLP on

This is the latest in my series of articles examining how the marital interest of one spouse in the ownership of a business enterprise can be monetized in the division of assets in a divorce. Prior articles have largely...more

SEC Continues to Target Private Equity Firms, Entering Into $52 Million Settlement with Apollo Global Management

On August 23, 2016, the SEC entered into a settlement that reflects a continuation of its recent trend of increasingly active pursuit of private equity firms, particularly for failing to disclose conflicts of interests and...more

Top Takeaways from Fenwick’s Fifth Annual Digital Health Investor Summit

Fenwick’s fifth annual Digital Health Investor Summit brought together investors who are active in the digital health space to discuss the evolving digital health sector and their investment outlook for the year...more

Your daily dose of financial news The Brief – 5.13.16

by Robins Kaplan LLP on

We learned yesterday of the effect that broken mergers are having on some hedge funds. Now comes news that, like many other institutional investors, large US insurance companies are yanking huge sums of money out of their...more

Sun Capital Decision Implicates Private Company Investing

by Goodwin on

On March 28, 2016, the U.S. District Court for the District of Massachusetts (the District Court) delivered a controversial opinion in Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund...more

Private Equity Funds Liable for Portfolio Company's Pension Obligations

by McCarter & English, LLP on

A U.S. District Court issued a ruling on March 28 that affects pension liabilities for private equity funds and their portfolio companies. Taken further, the ruling potentially changes fundamental rules for tax-qualified...more

Massachusetts Court Finds Private Equity Funds Liable for Portfolio Company’s Pension Obligations

by K&L Gates LLP on

In a decision that will have significant repercussions for private equity sponsors and their portfolio companies, the United States District Court for the District of Massachusetts has found a private equity sponsor liable...more

Sun Capital Court Finds Co-Investing Funds Part of Controlled Group and Liable for Portfolio Company’s Pension Liabilities

by Proskauer Rose LLP on

District Court finds affiliated funds acted in de facto partnership which controlled portfolio company; Decision may be significant in making private equity acquisition structuring choices. As we previously reported, in...more

Private Equity Funds Found Liable For Multiemployer Pension Obligations of Portfolio Company

by Franczek Radelet P.C. on

In a significant decision for both private equity funds and multiemployer pension plans, the U.S. District Court for the District of Massachusetts held last week in Sun Capital Partners III, L.P. v. New England Teamsters &...more

Sun Capital: District Court Relies on Constructive Partnership Theory to Find Separate PE Funds Liable for a Portfolio Company’s...

by Shearman & Sterling LLP on

The most recent Sun Capital decision is a troubling development for private equity fund sponsors and will likely require a “rethink” of fund structuring when private equity funds own portfolio companies with significant...more

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