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Private Funds

A&O Shearman

CFTC Issues No-Action Relief For Private Fund Managers Pending Potential Reinstatement Of Significant CPO Registration Exemption

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On December 19, 2025, the Market Participants Division (MPD) of the U.S. Commodity Futures Trading Commission (CFTC) issued a no-action letter (Letter) providing certain private fund managers with temporary relief from the...more

A&O Shearman

Commission guidance on ELTIFs: wider eligible assets, clarified intermediary structures and clearer liquidity rules

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The European Commission’s (Commission) clarifications, published on ESMA’s Q&A tool in December 2025, deliver the most authoritative guidance to date on the operation of ELTIF 2.0 and the ELTIF RTS. The responses provide...more

White & Case LLP

Structuring GP stakes investments: Practical considerations for stakeholders

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The "GP stakes" market has grown significantly, with total deal value reaching over approximately $20 billion in 2025 according to data available from With Intelligence highlighting its shift from a niche to a mainstream...more

White & Case LLP

How to prepare for a downturn as a private credit lender

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Despite a complex operating environment, persistent inflation and tariff-related economic disruption, private credit lending has remained robust, and portfolios have proven resilient. At the end of October, trailing...more

Cadwalader, Wickersham & Taft LLP

Europe Intercreditors, LP Secondaries Surge, January 2026 - LP-Led Secondaries: The Shift From Cyclical to Structural Growth

Total secondaries market volume rose 48% in 2025, adding to the 45% increase reported for 2024, according to the Jefferies Global Secondary Market Review published earlier this week. Notably, LP volume reached a record $125...more

Ropes & Gray LLP

California’s Venture Capital Diversity Registration and Reporting Deadlines Approach: Survey and Reporting Forms Now Available;...

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The initial registration and reporting deadlines under California’s Fair Investment Practices by Venture Capital Companies (FIPVCC) Law are fast approaching....more

Morrison & Foerster LLP

CFTC Staff Issues No-Action Relief from CPO/CTA Registration for Certain Private Fund Managers and Credit Risk Transfer...

The staff of the Market Participants Division (the “Staff”) of the Commodity Futures Trading Commission (CFTC) have issued two no-action letters that provide targeted relief from commodity pool operator (CPO) and commodity...more

Walkers

Bankruptcy remoteness for Cayman drop-down SPVs: A practical refresher for fund finance

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Cayman bankruptcy remote features must be tailored to each vehicle type with mitigation measures including constraints on voluntary winding up throughout the facility’s life. Exempted companies, LLCs and ELPs each...more

Mayer Brown

Fundamental Changes to the United Kingdom's Taxation of Carried Interest Regime

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WHAT HAPPENED? The Finance Bill 2025/26 proposes substantial changes to the United Kingdom taxation of carried interest....more

Akin Gump Strauss Hauer & Feld LLP

New California Reporting Obligation: The FIPVCC and What It Means for Funds and Advisers

The California Fair Investment Practices by Venture Capital Companies Act (FIPVCC) (Cal. Corp. Code § 27500) was passed in 2023 and later amended in 2024. Starting March 1, 2026, the FIPVCC will require certain entities which...more

Ropes & Gray LLP

FCA consults on client categorisation

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The FCA’s consultation paper CP25/36, published on 8 December 2025, sets out proposals on client categorisation and will inform firms’ planning for categorisation assessments and procedures. The consultation closes to...more

McGuireWoods LLP

Independent Sponsor Capital Raising in 2026: Getting to Yes in a Challenging Market

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Despite continued headlines signaling a slowdown in fundraising, the capital-raising environment for independent sponsors entering 2026 remains active and increasingly competitive. Capital is available across the stack, but...more

White & Case LLP

Keynote Q&A: Private credit evolves as competition intensifies

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The private credit industry entered 2026 in a robust position, having delivered consistently good risk-adjusted returns and secured strong fundraising support from investors. However, M&A financing opportunities remain in...more

White & Case LLP

Sponsor Focus: PE Maximises Optionality As M&A Green Shoots Emerge

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In an improving but still challenged M&A market, private equity sponsors are taking advantage of increasingly flexible leveraged lending markets to negotiate lower borrowing costs and create bespoke deal structures. ...more

Cooley LLP

Update on California’s Venture Capital Companies Diversity Reporting Program

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California’s Fair Investment Practices by Venture Capital Companies Law (FIPVCC), commonly referred to as SB 54, as amended by SB 164, requires certain venture capital companies (including venture capital funds) with a...more

White & Case LLP

European leveraged finance: Competition sets the pace

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Market dynamics reshape borrower choices - Competition between lending channels intensified in 2025, as leveraged finance markets in Europe saw lenders vying for deals and offering borrowers greater flexibility ahead of an...more

Morgan Lewis

CFTC Reinstates CPO and CTA Registration Relief Related to QEPs

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The US Commodity Futures Trading Commission (CFTC) has issued a no-action letter to provisionally relieve a type of private fund manager registered with the US Securities and Exchange Commission (SEC) as an investment adviser...more

Sheppard Mullin Richter & Hampton LLP

A Potential Fundraising Boost for Venture Capital Investing: U.S. House Passes INVEST Act

On December 11, 2025, the U.S. House of Representatives passed the Incentivizing New Ventures and Economic Strength Through Capital Formation Act (“INVEST Act”) by a bipartisan vote of 302 to 123. If passed by the Senate and...more

DarrowEverett LLP

Qualified Clients, Accredited Investors, and Performance Fees in Private Funds

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For fund managers, general partners, and sponsors operating private investment vehicles, understanding the regulatory framework governing performance-based compensation is essential....more

Walkers

Private credit in the Middle East Navigating regulatory frameworks through Cayman Island structures

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Private credit is now becoming a well-established asset class in the Middle East. As activity grows, sponsors and investors are focusing as much on regulatory cost and efficiency as on structuring mechanics. The choice of...more

Latham & Watkins LLP

Global Legal Insights: Fund Finance 2026, 10th Edition

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Even as the scope of fund finance products has expanded over recent years, one key consideration that arises in nearly all transactions is the taking and perfecting of legally enforceable security over the bank accounts...more

Morrison & Foerster LLP

Fifth Circuit Rejects “Passive Investor” Test for the SECA Limited Partner Exception in Sirius Solutions

On January 16, 2026, the U.S. Court of Appeals for the Fifth Circuit issued a closely watched decision in Sirius Solutions, L.L.L.P. v. Commissioner (“Sirius”), vacating and remanding the Tax Court’s holding that certain...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

Fox Rothschild LLP

The Legal Risks Family Offices Face in Private Secondary Market Investments

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Family offices are increasingly turning to private secondary market transactions to gain exposure to sought-after companies in technology, artificial intelligence, fintech, and other alternative investment sectors. These...more

Proskauer - Employee Benefits & Executive...

Coming Soon: DOL’s Proposed Rules Facilitating Alternative Assets in 401(k) Plans

On January 13, 2026, the Department of Labor (the “DOL”) submitted to the White House Office of Management and Budget (“OMB”) proposed rules (the “Proposed Rules”) relating to the inclusion of alternative assets (such as...more

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