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Investment Management Private Funds

Morgan Lewis

Current Developments in SEC Enforcement for Private Funds and a Look Ahead 2024–2025

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In 2024, private funds continued to be a major focus for the US Securities and Exchange Commission (SEC), with an active docket of enforcement cases and rulemaking efforts. Although we expect 2025 to include a continued...more

Paul Hastings LLP

ILPA Releases New Reporting and Performance Templates

Paul Hastings LLP on

On January 22, the Institutional Limited Partners Association (ILPA) released an update to its 2016 Reporting Template and unveiled a new Performance Template. Together, the goal of these documents is to enhance and...more

Cadwalader, Wickersham & Taft LLP

Back-Leverage to the Future January 2025 - Single-Asset Back-Leverage Facilities for Private Credit Loans

As regular Fund Finance Friday readers know, articles in this newsletter often explore emerging trends in fund finance and fund finance-adjacent areas, and in this article, we will look at single-asset back-leverage (“SABL”)...more

Carey Olsen

Fund Finance Laws and Regulations 2025: Assessing Lender Risk in Fund Finance Markets (GLI chapter)

Carey Olsen on

Carey Olsen have contributed to the Global Legal Insights – Fund Finance guide by authoring a chapter on assessing lender risk in fund finance markets. As the fund finance market continues to evolve, lenders will need to...more

SEC Compliance Consultants, Inc. (SEC³)

Lessons From 2024: Tips for Private Fund Managers

As we look back on the SEC’s actions in 2024, we wanted to share our thoughts on lessons learned that we believe will carry through to 2025....more

Ropes & Gray LLP

[Podcast] R&G Dugout: Show Me the Money—Fund Formation & Management

Ropes & Gray LLP on

On this episode of the R&G Dugout podcast, Ropes & Gray asset management partners Amanda Persaud, Lindsey Goldstein, and Jon Rash explore the upsurge of private funds raising capital for investment in sports teams and...more

Winstead PC

Trusts as Qualified Purchasers: Navigating the Qualified Purchaser Threshold for Trusts Investing in Private Securities

Winstead PC on

This article is the third and final part in a series discussing trusts in the context of certain common investor thresholds for investment in private securities. This article will examine trusts as “qualified purchases” under...more

Winstead PC

Trusts as Qualified Clients: Understanding the Qualified Client Threshold for Trusts Investing in Private Securities

Winstead PC on

This article is the second of a three-part series discussing trusts in the context of certain common investor thresholds for investment in private securities. This article will examine trusts as “qualified clients” under the...more

Proskauer - Private Market Talks Podcast

[Podcast] Private Market Talks: Bringing Private Credit to the Wealth Channel with Nomura Capital Management’s Robert Stark

In our first episode of 2025, we’re excited to speak with Robert Stark, CEO of Nomura Capital Management. During our discussion, we discuss the competitive DCA ranges and challenges of building a private credit platform...more

ArentFox Schiff

SEC Priorities for 2025: What Investment Advisers Should Know

ArentFox Schiff on

The US Securities and Exchange Commission (SEC) recently released its priorities for 2025. As in recent years, the SEC is focusing on fiduciary duties and the development of compliance programs as well as emerging risk areas...more

Cadwalader, Wickersham & Taft LLP

Navigating Transfers January 2025 - Investor Transfers: Lender Considerations in an Everchanging Fund Finance Market

Although transfers by investors of their interests in a fund have always been a feature of subscription / capital call facilities, as of late, there has been a palpable uptick in investor transfers and this trend is set to...more

Hogan Lovells

SFC cautions deficiencies and misconduct in asset management practices

Hogan Lovells on

On 9 October 2024, the Securities and Futures Commission (the “SFC”) issued a circular (the “Circular”) highlighting deficiencies and substandard conduct observed during its supervision of licensed corporations engaged in...more

Proskauer - Private Market Talks Podcast

Unlocking the Potential of Alternative Markets with HighVista Strategies’ Raphi Schorr

Two decades ago, HighVista Strategies set out to transform alternative investing by tapping into less efficient markets in search of alpha. Today, with $11 billion under management, the firm remains at the forefront of...more

Ropes & Gray LLP

Ropes & Gray’s Investment Management Update October – November 2024

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The following summarizes recent legal developments of note affecting the mutual fund/investment management industry. On October 21, 2024, the SEC Division of Examinations (“EXAMS”) published its annual Examination Priorities...more

K&L Gates LLP

Federal Court Vacates SEC’s Expanded Dealer Definition

K&L Gates LLP on

On 21 November 2024, the US District Court for the Northern District of Texas (Court) ruled against the US Securities and Exchange Commission (SEC) in two separate cases, vacating its rule which expanded the definition of...more

SEC Compliance Consultants, Inc. (SEC³)

Advisers’ Year-End Checklist for 2024

Compliance officers love checklists, so we’ve put together some “to dos” to consider completing before the end of the year. Enjoy!...more

K&L Gates LLP

Compliance Outreach Program: Private Funds Panel

K&L Gates LLP on

On 7 November 2024, the US Securities and Exchange Commission’s (SEC) Divisions of Examinations, Investment Management, and Enforcement hosted a virtual panel on compliance and enforcement topics as part of its broader...more

Troutman Pepper Locke

Investment Management Update - Q2 2024

Troutman Pepper Locke on

This update covers legal developments and regulatory news for funds, their advisers, and industry participants for the quarter ended June 30. Rulemaking and Guidance: • SEC Issues Third Marketing Rule Risk Alert for...more

DLA Piper

IMpact: Investment Management News – September 2024

DLA Piper on

Welcome to IMpact: Investment Management News. In this regular bulletin, DLA Piper lawyers share their insights on key developments that are impacting the investment management industry....more

Mayer Brown Free Writings + Perspectives

SEC Abandons Review of Vacated Private Fund Adviser Rules

The Securities and Exchange Commission let pass the deadline to seek a review of the decision by the US Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) to vacate the SEC’s final rule relating to private fund...more

Bressler, Amery & Ross, P.C.

Alabama Private Fund Advisers: Time to Become Less Private

The Alabama Securities Commission recently issued an Order exempting Alabama based investment advisers to “private funds” from the requirement to register as investment advisers with the ASC....more

SEC Compliance Consultants, Inc. (SEC³)

Latest SEC Document Request Lists: What Private Fund Managers Should be Worrying About

Many private fund managers are breathing a sigh of relief after the Fifth Circuit struck down the Private Fund Rules (check out our blog post for more information). Do not, however, assume the SEC will stop its aggressive...more

Latham & Watkins LLP

Private Wealth Investors Deliver a Fundraising Boost

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In a challenging fundraising environment, private wealth investors are filling the gap, aided by investment platforms, intermediaries, and evolving legal structures. In recent years, inflationary pressures, interest rate...more

Foley & Lardner LLP

Section 1446(f) Withholding and Private Fund Admissions and Withdrawals

Foley & Lardner LLP on

Withholding Under Code Sections 1446(a) and 1446(f) A partnership, such as a fund treated as a partnership for U.S. federal income tax purposes, that realizes income effectively connected with the conduct of a trade or...more

DarrowEverett LLP

Fifth Circuit Puts the Brakes on SEC’s Private Fund Rules: What’s Next For Private Fund Advisers

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In a continuation of recent court decisions overturning the rulemaking authority of federal agencies, a recent decision by the U.S. Court of Appeals for the Fifth Circuit vacated the Securities and Exchange Commission’s (SEC)...more

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