On June 5, 2024, rules adopted in August 2023 by the SEC that significantly expanded regulatory obligations of private fund advisers were vacated by a three-judge panel of the Fifth Circuit. The decision held that the SEC exceeded its authority and therefore the...
Practical Guidance has the resources and foundational content summer associates need to get up to speed and be a valuable part of the team from day one. This Summer Associate Resource Kit provides extensive coverage of what they need to know to excel in a law firm...
Environmental, social, and governance (ESG) remains an area of intense focus for private fund sponsors, private fund investors, and government regulators. Despite certain regulatory and political headwinds, the rise of ESG investing shows little sign of abating...
A new FinCEN proposal is the latest attempt by the agency to impose anti-money-laundering requirements on investment advisers, with proposals failing to be adopted twice in the last 20 years, in 2003 and 2015. On February 13, 2024, FinCEN released a notice of proposed...
Fraudulent conveyance actions in bankruptcy often involve large amounts of money and are fought by sophisticated litigants and lawyers before experienced jurists, exposing private equity sponsors and lenders to risk of litigation and loss. A leveraged buyout transaction...
Continuation funds continue to be an attractive way to navigate an uncertain public market and headwinds in the credit environment by lengthening the runway for portfolio investments and generating liquidity for investors. Read about benefits and challenges, market...
One of many critical challenges that startup ventures confront is capital raising, including the manner of acquiring capital, determining which type of capital (e.g., debt, equity, convertible securities) to utilize, how much capital to raise, how to target investors...
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...