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Irwin Latner Benedicte Gravrand, Opalesque Geneva:

This is the second and last part of our interview with Irwin Latner, of law firm Pepper Hamilton LLP.

Part 1 is about the areas of confusion with regards to hedge fund advertising and their consequences. Part 2 is about press interviews, State laws, possible future SEC rules, the flexibility of Rule 506(c), and alternative means of advertising.

Opalesque: Despite all the confusion on advertising rules, more and more funds are talking to the press.

Irwin Latner: Right, some decide to do an interview with the press that is not directly promoting the fund, but promoting a niche investment opportunity that the fund is seeking to capitalize on.

But some talk about the fund. That’s the type of thing that is limited in scope, targeted, and may make strategic sense. They would be only promoting one product, one fund.

Moreover, if you are using advertising with respect to one fund offering, it doesn’t mean you have to use it for all of your other product offerings. One of our clients adopted this approach with respect to a press interview about a new private equity fund launch, and in that particular fund they had a lot of institutional investors. In that context the extra compliance burden may be manageable when weighed against the potential benefits of promoting a new fund l......................

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