News & Analysis as of

Private Equity Funds Fund Managers

Considerations for Asian Fund Managers under the U.S. New Partnership Audit Regime

The Bipartisan Budget Act of 2015, as modified by the Protecting Americans from Tax Hikes Act of 2015, resulted in a fundamental change in the way the U.S. Internal Revenue Service (IRS) will conduct audits of collective...more

Dealing with 'Broken-Deal' Expenses: SEC Recent Action Shows Its Continued Focus on Fee and Expense Practices of Fund Managers

by Reed Smith on

The Securities and Exchange Commission (the “SEC”) has been scrutinizing transparency of fees and expense allocations by fund managers for several years. Such transparency is required of any fund manager in the United States,...more

Going the Distance: The Expanding Lifecycles of Private Equity Funds

by Pepper Hamilton LLP on

The lifecycles of private equity (PE) funds are lengthening as managers continue to seek longer fundraising periods. This is due to a number of factors, including increases in due diligence and holding periods for investments...more

New FINRA Capital Acquisition Broker Rules May Offer Limited Relief to Private Investment Fund Advisers

by Jackson Walker on

The U.S. Securities and Exchange Commission (“SEC”) recently approved a Financial Industry Regulatory Authority (“FINRA”) proposal to adopt a new regime for the regulation of electing broker-dealer firms that meet the...more

Energy Private Equity and the Looming Specter of Clawbacks

In recent months, managers of private equity funds in the energy sector have been facing a scenario they likely never imagined: having to return millions of dollars of their “carried interest” earnings back to investors....more

SEC Charges Private Fund Administrator with “Gatekeeper Failures”

Add fund administrators to the list of service providers the SEC expects to act as “gatekeepers.” In two separate settled actions last week, the SEC found that a private fund administrator “caused” the managers’ unregistered...more

SEC Announces Settlement with Adviser Found to Have Acted as an Unregistered Broker

The SEC is continuing its pattern of establishing “standards of conduct” for the private equity industry through speeches, enforcement actions, and public settlements. After foreshadowing its concerns in various speeches over...more

SEC Announces Settlement with Adviser Found to Have Acted as an Unregistered Broker and Engaged in Conflicted Transactions

by Proskauer Rose LLP on

On June 1, 2016, the SEC announced a settlement with Blackstreet Capital Management, LLC and Murry N. Gunty, Blackstreet's managing member and principal owner. As a registered investment adviser based in Chevy Chase,...more

Financial Services Quarterly Report - First Quarter 2016: Lessons for PE Managers from the SEC’s Ongoing Scrutiny of Private...

by Dechert LLP on

A large number of private equity managers were required to register for the first time with the U.S. Securities and Exchange Commission (SEC) pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Act)....more

New Year: New Regulatory Developments Affecting Managers of Hedge Funds, Private Equity Funds and Other Private Funds

by Proskauer Rose LLP on

Regulators were busy at the end of 2015, especially in the United States, perhaps being motivated to push forward new rule proposals in anticipation of a change in administration after the presidential elections later this...more

SEC Action Against Private Fund Adviser Highlights Importance of Proper Expense Apportionment

by Proskauer Rose LLP on

On November 5, 2015, the Securities and Exchange Commission (SEC) announced that it had reached a settlement with Cherokee Investment Partners, LLC (CIP) and Cherokee Advisers, LLC (CA), affiliated private equity fund...more

Commerce Department Survey of Financial Services Transactions with Foreign Persons Due November 1, 2015

by Goodwin on

The Commerce Department’s BE-180 Survey of Financial Services Transactions is a mandatory benchmark survey conducted every five years and administered by the Bureau of Economic Analysis (the “BEA”). Reports are required by...more

Senators Call on IRS to Finalize Management Fee Waiver Regulations

Yesterday, Senators Franken, Warren, Baldwin and Whitehouse sent Treasury Secretary Lew a letter regarding management fee waiver arrangements. What is a management fee waiver arrangement? It is where a fund manager...more

IRS Proposed Tax Regulations Aimed at Fee Waiver Arrangements

by DLA Piper on

The Treasury Department and the Internal Revenue Service have issued proposed regulations addressing disguised payment for services of a partner, including the proper tax treatment of fee waiver arrangements commonly used by...more

Private Equity Newsletter - Summer 2015 Edition: Indian Private Equity: Taxation and Trends

by Dechert LLP on

With a new government at India’s center and positive macroeconomic fundamentals working in its favor, the private equity industry is expected to invest more actively into India over the short to medium term. In the past year,...more

BEA Indicates That It Will Grant Extensions for Filing Be-10 Until August 31, 2015

by Morgan Lewis on

Filers seeking an extension must submit a Request for Extension. On May 29, we issued a LawFlash reporting that the US Department of Commerce’s Bureau of Economic Analysis (BEA) extended the BE-10 reporting deadline for...more

Private Equity Fund Managers: Annual Compliance Reminders and New Developments

by Latham & Watkins LLP on

A summary of a private equity firm’s compliance obligations, a discussion of notable developments in 2014 and highlights of the SEC’s examination priorities for 2015. US federal laws and regulations, as well as the...more

Private Equity Fund Managers: Takeaways From The SEC’s Past Year in Enforcement

by Latham & Watkins LLP on

After a year of “first ever” actions targeting private equity, fund managers should be vigilant, even about seemingly small issues. In reviewing the results of SEC Enforcement’s fiscal year that ended on September 30,...more

SEC Charges Private Equity Fund Manager with Misallocation of Portfolio Company Expenses

by Jackson Walker on

On September 22, 2014, the Securities and Exchange Commission ("SEC") charged Lincolnshire Management, Inc. ("Lincolnshire"), a New York-based private equity fund adviser, with breaching its fiduciary duty to two investment...more

Private Equity: The Next Wave of SEC Enforcement Actions?

by Carlton Fields on

Ever since the Dodd-Frank Wall Street Reform and Consumer Protection Act required many investment advisers to private equity funds to register with the SEC for the first time, fund managers knew that additional scrutiny might...more

The Impact Of Rule 506(c) On Private Funds And Their Managers Who Are Legally Avoiding Full Registration As Commodity Pool...

by Pepper Hamilton LLP on

The Jumpstart Our Business Startups Act (JOBS Act) directed the U.S. Securities and Exchange Commission (SEC) to eliminate the prohibition against general solicitation or general advertising in any offering of securities...more

SEC Charges Private Equity Fund Manager With Misleading Investors About Valuation And Performance

The SEC has charged a former portfolio manager at Oppenheimer & Co. with misleading investors about the valuation and performance of a fund consisting of other private equity funds. ...more

Legal Alert: Not Exactly a Day in the Sun: U.S. Court of Appeals Holds Private Equity Fund Is Engaged in a Trade or Business

In Sun Capital Partners III LP v. New England Teamsters & Trucking Industry Pension Fund, No. 12-2312, 2013 WL 3814984 (1st Cir. July 24, 2013), the U.S. Court of Appeals for the First Circuit effectively found that the...more

SEC Announces 2013 Examination Priorities for the Investment Management Industry

by Ropes & Gray LLP on

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) has published its list and discussion of examination priorities for the investment management industry in 2013, which includes both market-wide initiatives...more

After the Love is Gone – Tax Planning Considerations for Private Equity and Venture Capital Fund Managers in a Post-Carried...

by Gerald Nowotny on

Overview - The issue of carried interest taxation as obscure an issue as it is, has gotten all kinds of attention in the media over the last several years. Most recently, the issue garnered national attention during...more

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