Fri, Jan 17, 2020
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Current legal landscape for investment managers raising funds in the U.S.

Wednesday, March 27, 2013

amb
Benedicte Gravrand, Opalesque Exclusive:

Stephen C. Tirrell, Partner at global law firm Bingham McCutchen, New York, talked to me about the existing legal landscape for new investment managers who want to raise private funds in the U.S., with a focus on the Investment Advisers Act, the Securities Act, the Investment Company Act, the Exchange Act and the JOBS Act.

Opalesque: Please tell me about the legal landscape that investment managers have to consider when raising any private fund in the United States.

Stephen Tirrell: Essentially there are four different regulations that we have to consider; the Investment Advisers Act, the Securities Act, the Investment Company Act, and the Exchange Act.

They act in one or more fashion with respect to either the advisory entity or the fund entity. And in each instance, at least in the Securities Act and the Investment Company Act, there are exemptions from registration that private fund managers typically rely on with respect to the private funds that they sponsor.

The Securities Act is the Act that governs the offering of shares to investors in the market. Typically private funds don’t register their shares under the Securities Act with the Securities and Exchange Commission (SEC) but rely on an exemption from registration. Therefore, no registration filing is re......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Other Voices: PFIC: what U.S. investment funds should be particularly aware of and newly proposed regulations[more]

    By: Kris Hatch, Idan Netser, Fenwick & West LLP U.S.-based venture capital and other funds that invest in foreign companies must be careful to avoid the passive foreign investment company (PFIC) rules, which could substantially increase the tax owed on exit for U.S. taxpaying investors. U.S. per

  2. Renaissance employees could face clawbacks over hedge fund's tax maneuver[more]

    Jim Simons's Renaissance Technologies LLC has produced the greatest investment returns of any hedge fund. Now, it also may be facing an unusually painful tax headache. Last week, Renaissance sent a letter to its current and former employees warning that the Internal Revenue Service could force them

  3. D.E. Shaw's Orienteer strategy posts double-digit returns this year, EcoR1 puts up big gains as the hedge fund scoops up biotech, Ex-hedge fund BlueCrest extends winning run with 50% gain[more]

    D.E. Shaw's Orienteer strategy posts double-digit returns this year From Reuters: D.E. Shaw's Orienteer platform, the backbone of the $50 billion investment firm's multi-asset class offerings, posted high double-digit returns this year, the best ever in its six year lifetime. The Orie

  4. PE/VC: Private equity takes a breather from investing in banks, 2019's 10 defining moments in venture capital, Another record year for PE secondaries amid more GP-led transactions, How 2019 became the best year in private equity's history[more]

    Private equity takes a breather from investing in banks From American Banker: FirstCapital Bancshares of Texas has aspirations of going public in the next couple of years and it's counting on the resources and expertise of private-equity backer Castle Creek Capital to help it realize that

  5. BlackRock's flagship hedge fund Obsidian returns more than 13% in 2019 after stumbling in August, Eiad Asbahi's Prescience Point gained more than 100% last year, Ray Dalio's most prominent fund suffers first annual loss since 2000, Sundheim's D1 posts strong gains[more]

    BlackRock's flagship hedge fund Obsidian returns more than 13% in 2019 after stumbling in August From Business Insider: BlackRock's 23-year-old Obsidian hedge fund bested the average hedge fund, returning more than 13% in 2019 even after losing money in August. The fund, manage