News & Analysis as of

Private Funds Side Letters Investors

Cadwalader, Wickersham & Taft LLP

Big News for Funds June 2024 - A Fresh Look at Side Letters

Side letters have gone through a massive and largely unspoken transition over the last four to five years. From a position where a few investors in a closing might have quite short side letters dealing with niche issues we...more

McAfee & Taft

SEC cracks down on private fund side letters

McAfee & Taft on

The side letter has been a particularly effective tool in the private fund industry, with funds and investors entering into strategic arrangements to provide more favorable terms than those given to other investors in...more

DarrowEverett LLP

How SEC’s Private Fund Rules Will Affect Use of Side Letters

DarrowEverett LLP on

Recent client alerts have provided an overview of the new “private fund rules” adopted in late August by the U.S. Securities and Exchange Commission (SEC). These rules apply, subject to limited exceptions and carveouts, to...more

Goodwin

What’s the SEC’s Plan for Private Funds? Gensler Signals Priorities in Speech to ILPA

Goodwin on

On November 10, 2021, U.S. Securities and Exchange Commission Chair Gary Gensler, made a speech at the Institutional Limited Partners Association (“ILPA”) Summit that provides a useful summary of the SEC’s immediate...more

Dechert LLP

Private fund side letters: common terms, themes and practical considerations

Dechert LLP on

Side letters are an (increasingly) common way of formalising negotiated arrangements between a private fund and an investor. Whilst used more widely in the closed-ended fund context (given the limited withdrawal rights...more

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