News & Analysis as of

Secondary Markets Investors

DLA Piper

Withholding Requirements for Transfers of Venture Capital Fund Interests by Non-US Limited Partners

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The secondary market for limited partner interests in venture capital funds has witnessed robust growth in recent years as an increasing number of existing venture fund investors seek an early exit from their positions for...more

Levenfeld Pearlstein, LLC

Should We ‘Second’ That? A ‘Top Ten’ Due Diligence Checklist for the Litigation Finance Secondaries Market

Given the recent growth of the secondaries market in the litigation finance space, Secondary Investors should consider how to best approach their review of potential transactions. In addition to the economics of a given...more

Adler Pollock & Sheehan P.C.

Do Your Assets Include Unregistered Securities? This Asset Class Requires Special Planning

When it comes to estate planning, addressing all your assets should be a priority. However, certain assets require greater attention than others. For example, if your assets include unregistered securities, such as restricted...more

Patterson Belknap Webb & Tyler LLP

Avoiding a Trap for the Unwary: Gains from Secondary Sales Treated as Compensation

Founders and other employees of private companies commonly employ sales of stock in the secondary market as a means of accessing cash prior to an offering or exit. Such sales are typically structured as a direct purchase of...more

Proskauer Rose LLP

Question of the Week: How are current levels of dry powder impacting GPs and LPs in the secondary market?

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"Dedicated available capital is estimated at $227 billion (as of June 30, 2022). We expect secondary investors to closely monitor valuations and public market conditions. But as investors continue to fundraise and deploy on...more

Dechert LLP

Collateralized Fund Obligations (CFOs): The Technicolor Dreamcoat of Fund Finance

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Over the past several years as Collateralized Loan Obligations (“CLOs”) reached new and dizzying heights in issuance volume, CFOs have been quietly, and under the radar, gaining market acceptance and momentum among asset...more

Farrell Fritz, P.C.

Push to Facilitate Liquidity in Private Companies

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What do founders, employees and investors in privately held companies all have in common?  Limited opportunity to sell their shares.  That’s because of various legal, contractual and market factors that impede the sale of...more

Willcox & Savage

Do Your Due Diligence: Startups and Secondary Transactions

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Following reports that record numbers of investors in private startups are exploring selling equity before an IPO or liquidity event, it’s important to remember that secondary sales often pose issues that are not present in a...more

Foley & Lardner LLP

What’s Driving Increased Activity in Secondary Markets for Private Company Stock in 2022

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With the turmoil facing public markets in recent months, it’s not a wonder that we have not seen a flood of IPO’s in the first quarter of 2022. With companies putting their IPO plans on hold, this means that employees looking...more

Alston & Bird

Investment Management, Trading & Markets – Secondaries Update – Q4 2021

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Welcome to Alston & Bird’s second quarterly update on the secondaries market. In this issue, we share insights on real estate secondaries, GP consent trends, current market updates (courtesy of M20 for this issue), and news...more

Smith Gambrell Russell

[Webinar] A Peach of a Deal: The Film Industry in Georgia and the Benefits of Doing Business in the State - July 29th, 4:00 pm -...

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In this webinar, we will focus on the film industry in Georgia and the benefits of doing business in the State. Throughout the years, America’s most popular television shows such as “The Dukes of Hazzard,” “The Walking...more

McDermott Will & Emery

[Webinar] Cutting Through the COVID-19 Chaos: Strategies for Investing in Private Funds in Uncertain Times - June 25th, 1:00 pm -...

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Join a team of McDermott corporate partners for an interactive discussion on investor considerations and hurdles arising from the current investing landscape when making investments in private equity and hedge funds, such as:...more

Fenwick & West LLP

Structuring Secondary Sales to Maximize Capital Gains – A Primer for Private Companies

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As private companies seek to stay private longer, many try to offer interim liquidity opportunities to their employees. These opportunities include secondary sales, where employees sell their common shares to investors, often...more

Sheppard Mullin Richter & Hampton LLP

Opportunity Zones Update New Proposed Treasury Regulations (Part III)

Qualified Opportunity Funds - The Opportunity Zone tax incentive program allows taxpayers that invest in a Qualified Opportunity Fund to (i) defer paying taxes on the capital gain from the sale or exchange of appreciated...more

Jones Day

SEC Explores Ways to Simplify, Harmonize, and Improve the Framework For Exempt Offerings

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The Situation: In recent years, the overall framework for exempt offerings has shifted as new exemptions from the registration requirements of the Securities Act of 1933 ("Securities Act") have been introduced and existing...more

Sullivan & Worcester

Updated New York Law Master Participation Agreement & Guidelines Published

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International financial services association BAFT (the Bankers Association for Finance & Trade), together with ITFA (the International Trade and Forfaiting Association) have published an updated New York law Master...more

Dechert LLP

The ABCs of Fund Finance: Credit Facilities for Secondaries Funds and Funds of Funds

Dechert LLP on

Private equity funds raised the second-highest level of capital for investments in secondary private equity interests in 2016. According to Preqin, 19 funds secured $23 billion in investor capital.1 This level was surpassed...more

K&L Gates LLP

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 20

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In late 2011 and early 2012, the fragile green shoots of recovery began to peek out from the barren blasted heath of the crisis-blown financial markets. Market activity was spurred by a rare confluence of secular trends,...more

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