News & Analysis as of

Private Equity Fees

Kramer Levin Naftalis & Frankel LLP

IRS Denies Deductibility of Sell-Side Advisory Fees

In Private Letter Ruling 202308010 (PLR 20230810), the Internal Revenue Service (IRS) determined that a contingent sell-side advisory fee (the Fee) was incurred by the private equity fund majority seller (the PE Seller),...more

ArentFox Schiff

Investigations Newsletter: Top Reasons for 2022’s Downward Trend in False Claims Act Recoveries

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Top Reasons for 2022’s Downward Trend in False Claims Act Recoveries - Following the US Department of Justice’s (DOJ) release of statistics regarding FCA settlements and judgments for the 2022 fiscal year, Law360 spoke...more

White & Case LLP

The Basics of Bridge Loans - European Leveraged Finance Client Alert Series: July 2022

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Bridge loans are a key way to finance large acquisitions, but their terms are very specialized. In "The Basics of Bridge Loans", the White & Case team explains the key terms of bridge loans and discusses some challenges faced...more

Troutman Pepper

Allocating Co-Investments Rights

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For most private equity managers, co-investments are an essential part of attracting limited partner investors and funding investments. Originally published in Middle Market Growth, the official publication of the...more

K&L Gates LLP

SEC Broadens Enforcement Activity Related to Private Equity Fees and Expenses — And Narrows the Opportunity for Managers to...

K&L Gates LLP on

On December 21, 2017 the U.S. Securities and Exchange Commission (the “SEC”) published a settlement order with TPG Capital Advisors, LLC (“TPG”) arising from insufficient disclosure regarding the acceleration of monitoring...more

Troutman Pepper

Squeezed in the Middle

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Fund managers are getting squeezed from all directions. Absent raising a larger fund next time, GPs cannot realistically expect to grow top line revenue. At the same time, they bear variable and often unpredictable expenses. ...more

Ballard Spahr LLP

Investment Management Update

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The Securities and Exchange Commission Adopts Amendments to Form ADV and Investment Adviser Act Rules - The Securities and Exchange Commission (SEC) adopted amendments to Form ADV and Investment Advisers Act of 1940...more

King & Spalding

SEC Brings Heightened Scrutiny to the Real Estate Fund Industry

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The Securities and Exchange Commission (SEC) has expanded its focus on private equity funds to ancillary asset classes, including specifically private equity real estate funds, with its Private Funds Unit (“PFU”) undertaking...more

Skadden, Arps, Slate, Meagher & Flom LLP

"SEC Focus Results in Investment Adviser Fee and Expense Changes"

Recent efforts by the Securities and Exchange Commission (SEC) to bring concentrated regulatory attention to investment managers sharpened over the past year to include a particular focus on the private equity and hedge fund...more

Troutman Pepper

What’s Really Going on with PE Firms’ Fees?

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Pepper Hamilton LLP, a multi-practice law firm that represents private equity clients throughout the life cycle of an investment fund, recently partnered with PEF Services and PEI to conduct a survey of 104 U.S. alternative...more

Ballard Spahr LLP

SEC Announces First Investment Adviser ‘Pay-to-Play’ Enforcement Action

Ballard Spahr LLP on

The U.S. Securities and Exchange Commission (SEC) announced its first enforcement action under "pay-to-play" rules for investment advisers since those rules were adopted nearly four years ago. TL Ventures Inc., a...more

Goodwin

SEC’s Inspection Chief Cites Fee and Expense Deficiencies in the Private Equity Sector

Goodwin on

In a May 6 speech the SEC’s Andrew Bowden said more than half of the private equity managers inspected in the last two years had either violated the law or had material weaknesses in how they handled fees and expenses. Hidden...more

Stinson - Corporate & Securities Law Blog

SEC Discusses Troubling Private Equity Practices

Andrew J. Bowden, Director, SEC Office of Compliance Inspections and Examinations, gave a talk where he discussed troubling practices identified in examinations of private equity advisers. Some of these include...more

Akerman LLP

SEC Notes Growing Concern About Private Equity Fee Disclosures

Akerman LLP on

Recent comments by Andrew Bowden, Director of the Office of Compliance Inspections and Examinations for the Securities and Exchange Commission (SEC), highlight the growing tension between Dodd-Frank compliance and fund...more

Latham & Watkins LLP

Key Differences Between European and US Private Equity Transactions

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Munich-based partner Jörg Kirchner and NY-based partner Eli Hunt discuss four key ways that private equty transactions in European and the US tend to differ. Kirchner, a Global Co-chair of Latham & Watkins’ Corporate...more

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