Key hedge fund documents, such as the offering memorandum, limited partnership agreement, and subscription agreement, serve as the backbone of any hedge fund. Attorneys play a pivotal role in ensuring their clients comprehend these documents thoroughly, as they...
For the uninitiated, following the changes in a capitalization table for a venture capital-track, growing start-up can be tricky. This PowerPoint presentation, developed with a team of attorneys from Cooley LLP, provides a step-by-step walkthrough of cap table...
A compliance program is required for investment advisers registered with the SEC. It unlawful for an investment adviser that is registered, or required to be registered, to provide investment advice without a compliance program in place that satisfies certain requirements...
Investors have become increasingly eager to participate in private equity transactions as equity co-investors alongside private equity sponsors who source, lead, and execute on investment opportunities. Co-investments offer investors the chance to directly participate...
The U.S. Securities and Exchange Commission has implemented significant changes to Form PF, aiming to gather additional data on private equity funds and hedge funds. Large hedge fund advisers, those managing $1.5 billion or more in assets, must now file Form PF...
Advisers to private equity funds handle sensitive financial and personal data, making them prime targets for cybercriminals seeking to steal confidential information. To protect against these threats, advisers to private equity funds should implement a comprehensive...
Properly drafting private equity fund documents is crucial for fund managers and investors alike. The fund's legal documents, such as the partnership agreement, offering memorandum, and subscription agreement, provide the framework for the fund's operations...
Get up to speed on how the amendments made by the California Privacy Rights Act (CPRA) to the California Consumer Privacy Act (CCPA) impact asset managers. As of January 1, 2023, several exemptions expired that, under the CCPA, had lessened the scope of CCPA compliance...
Sponsors organize and operate private equity funds to generate profits for themselves and their investors. The two primary ways in which fund sponsors are compensated for their efforts are through a management fee and a carried interest, or performance, fee. This...
Benjamin Franklin famously cautioned that "an ounce of prevention is worth a pound of cure." Although Franklin was warning the people of Philadelphia that preventing a fire is better than fighting one, the same admonition holds true when seeking financing...
There has been a recent and notable uptick in single asset recapitalizations, transactions in which a fund sells its interest in a portfolio investment to another entity controlled by the same sponsor. These transactions are valuable tools for sponsors looking...
Distinguished from funds that invest in many assets and transactions, or cater to many investors, single-asset funds and single-investor funds involve unique legal, regulatory, and operational challenges. Single-asset funds pool capital from multiple investors...
The management agreement (or investment management agreement) for a private equity fund provides the revenue stream for the investment and other professionals working to execute the fund’s investment program, and covers the costs of overhead for the fund’s...
A wide variety of institutions, foundations, and high-net-worth individuals invest in private equity funds; the largest of these institutional investors have both the resources to engage attorneys and consultants to carry out thorough private equity fund reviews...
In a typical private equity M&A transaction, a private equity fund acquires a controlling or significant minority stake in the equity securities of a privately-held target company (referred to as a portfolio company once acquired), with the goal of improving...