Mon, Nov 30, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
New Managers April 2013

Rules and Regulations - Current legal landscape for investment managers raising funds in the U.S.

(This article was published in Opalesque's Alternative Market Briefing on March 27th, 2013).

Stephen C. Tirrell

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 req......................

To view our full article please login

This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
New Managers
New Managers
New Managers

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: Hedge fund marketing and the selling cycle[more]

    By Bruce Frumerman. How long is the selling cycle now? That’s a question my financial communications and sales marketing consulting firm has been asked on a regular basis by hedge fund firm owners and sales people, ever since we opened the doors to our firm in 1987 pre-crash. Wa

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Commodities - Stung by oil, distressed-debt traders see worst losses since '08[more]

    From It’s mid-November, but for investors who trade in the debt of distressed companies, the year’s already done -- and they lost. Hedge funds that specialize in the debt are grappling with their worst declines in seven years. Funds managed by Knighthead Capital Management, Candlewood

  4. Opalesque Roundtable: Seeding deal terms can be onerous for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Executives from fund of funds firms, family offices, a placement agent, a private equity firm, and an accounting firm gathered in Connecticut last month for the

  5. Opalesque Roundtable: Family offices flock to co-investment[more]

    Bailey McCann, Opalesque New York: Co-investments have been a hot topic for pension funds in recent years, as they try to move away from high fees and improve transparency. But now, family offices are more readily getting into the mix and establishing in-house deal teams, according to the delega