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Goodwin

Convergence and Flexibility: LP Clawback Provisions in Private Funds

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A majority of private fund managers set the clawback limit at 25%, but they calculate the clawback differently depending on fund type. Limited partner (LP) clawback provisions enable fund managers to call back previously...more

Skadden, Arps, Slate, Meagher & Flom LLP

How Asset Managers Are Capitalizing on Hong Kong’s Regulations Permitting Virtual Asset Funds

Key Points - - Under Hong Kong’s liberal regulations, several dozen asset managers have been licensed to manage virtual asset funds. - A number of index funds, tied to individual cryptocurrencies and baskets, have also...more

Walkers

Raising platforms optimising Guernsey vehicles for investment platforms and fund structuring

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The use of Guernsey umbrella structures for both regulated and unregulated investment structures has seen a notable rise over the past 18 months. Where these structures have typically been used for larger, master fund/...more

Morgan Lewis

Japan Continues to Relax Registration Requirements – Simplified Type 1 FIBO Registration

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Japanese regulators have been significantly amending the Financial Instruments and Exchange Act (FIEA), similar to other jurisdictions seeking to innovate and relax regulatory requirements in order to help spur economic...more

Ropes & Gray LLP

Consultation on UK AIFM Regulation: Industry Groups Raise Questions Over FCA Three-Tier Proposals and Propose Further Reduction of...

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A number of responses to the Consultation and Call for Input: Future regulation of alternative fund managers published by HM Treasury and the FCA on 7 April have been recently published. These reveal a diversity of views...more

Herbert Smith Freehills Kramer

Hong Kong listing pathway for closed-ended alternative asset funds – our latest thoughts A recent SFC circular has generated...

A recent circular issued by the Hong Kong Securities and Futures Commission (SFC) has created a pathway to listing closed-ended alternative asset funds in Hong Kong, generating interest among both local private market...more

Mayer Brown

UK Regulatory Update - Asset Management Sector - Quarterly Newsletter Q1 2025

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Mayer Brown’s UK Regulatory Update is a quarterly newsletter for the asset management sector. In this edition, covering Q1 2025, we look at consultations relating to the UK AIFMD framework, reporting and notification...more

Seward & Kissel LLP

Interval Fund and Tender Offer Fund Opportunities

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Interval funds and tender offer funds – closed-end funds registered under the Investment Company Act of 1940 (1940 Act) – are gaining appeal among alternative and private fund managers seeking to access the retail and...more

Ropes & Gray LLP

FCA Extends Investment Research Payment Optionality to Fund Managers

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Last month the Financial Conduct Authority (FCA) set out its final rules related to the application of investment research payment optionality to fund managers. This move follows its consultation paper late last year which...more

Cadwalader, Wickersham & Taft LLP

Certainty and Uncertainty, May 2025 - Final UK Rules on Options for Fund Managers’ Payment for Investment Research

The UK’s Financial Conduct Authority ("FCA") has published its final Policy Statement on Investment research payment optionality for fund managers (PS25/4) (see here for our note on PS25/4’s preceding Consultation Paper). The...more

Morgan Lewis

UK Government and FCA Propose More Streamlined, Nuanced Approach to Regulating Managers of Alternative Investment Funds

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The UK government’s April launch of a consultation, along with a related call for input by the FCA, paves the way for further material divergence between the EU and UK models for the regulation of managers of alternative...more

White & Case LLP

Net asset value finance gains ground with infrastructure managers

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The increase in the use of fund finance by private equity is carrying over into the infrastructure fund space, with managers using net asset value and back-leverage facilities to unlock liquidity for investors and portfolio...more

Ropes & Gray LLP

How to Grow AUM in a Challenging Fundraising Market

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Necessity, they say, is the mother of invention, and the private markets industry has certainly responded to a period of intense fundraising turbulence with creativity and ingenuity. Capital raised for traditional co-mingled...more

Walkers

Setting up shop: A new manager's guide to establishing an investment management firm in Jersey

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Looking to establish an investment management firm in the Channel Islands? This guide, the second in our series, sets out the key steps and considerations for setting up your business in Jersey - a world-class financial...more

Hogan Lovells

SFDR enforcement: Danish regulator says “Managers need to be better at ensuring that their investments are truly sustainable”

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In a statement on 21 March 2024, the Danish Financial Supervisory Authority advised providers of sustainable investment products to ensure that their internal processes comply with sustainable investment requirements. It...more

Carey Olsen

Cayman Islands investment funds - Spring 2025 update

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Our investment funds team outline the latest developments within the investment funds market in the Cayman Islands, including the further changes to the Beneficial Ownership Regime, recent regulatory publications, CIMA annual...more

A&O Shearman

Great Fund Insights: Co-Investing 101: shared risk, shared reward

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A challenging fundraising environment, the rise in M&A activity and the capital requirements necessary to bridge funding gaps are key developments which have led fund managers to increase their offering of co-investment...more

Katten Muchin Rosenman LLP

HM Treasury and FCA Proposals to Reform Regulation of UK AIFMs

On 7 April 2025, HM Treasury (HMT) published a consultation (Consultation) on the reform of the UK regulatory regime for alternative investment funds (AIFs) and their managers, alternative investment fund managers (AIFMs[CM1]...more

Paul Hastings LLP

HM Treasury and FCA Open Consultation to Reform the UK AIFMD

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On 7 April 2025, HM Treasury published a consultation to overhaul the UK Alternative Investment Fund Managers regime. That same day, the Financial Conduct Authority (FCA) published a call for input outlining its intended...more

Goodwin

Private Funds Are Getting More Freedom to Recycle

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Managers are often able to secure more-flexible recycling provisions, enabling them to reinvest a wider range of proceeds, often within an overall cap on amounts....more

DLA Piper

2025 Global Fund Finance Symposium: Key Trends in the Fund Finance Market

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Our Global Fund Finance practice recently sponsored and attended the 2025 Global Fund Finance Symposium. Hosted annually by the Fund Finance Association, these conferences bring together key players in the fund finance...more

Goodwin

New Year, Similar Concerns: The FCA's 2025 Priorities for UK Private Fund Managers

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On 26 February 2025, the Financial Conduct Authority (FCA) published a portfolio letter (Letter) explaining its supervision priorities for the asset management and alternatives portfolios....more

Goodwin

Where Do Private Funds Draw the Line on Recycling?

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Private fund managers “recycle” capital — i.e., reinvest capital that would otherwise be returned to investors or to recall distributions already made — to maximize their investment capacity. ...more

Seward & Kissel LLP

Platform Deal Considerations

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When presented with an opportunity to join an investment management platform, a prospective manager should carefully take into account the following considerations:...more

Conyers

Insurance and Asset Managers in the Cayman Islands: A Perfect Marriage?

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The significant growth in life & annuity reinsurance in the Cayman Islands has showed no signs of slowing in the past few years and a material ingredient of this growth is Cayman reinsurers sponsored by large private equity /...more

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