Private Equity Fund Formation: Choice of Entity, Fundraising Trends, SEC Regulatory Issues, Tax Concerns

Note: CPE credit is not offered on this program

A live 90-minute premium CLE video webinar with interactive Q&A


Tuesday, January 26, 2021

1:00pm-2:30pm EST, 10:00am-11:30am PST

Early Registration Discount Deadline, Friday, January 8, 2021

or call 1-800-926-7926

This CLE webinar will examine the critical steps in the formation and operation of a private equity fund and identify the most significant private equity fund formation trends from a capital raising, SEC regulatory, and tax standpoint.

Description

Private fund formation in the U.S. begins with a choice of entity (typically a limited partnership) and a decision about where to form the fund (usually Delaware). Counsel's work representing a fund begins with a thorough understanding of the Delaware Revised Uniform Limited Partnership Act (DRULPA), the fundamental rights and obligations of the general and limited partners under DRULPA, and how to tailor an agreement between the parties.

Fund formation also requires an understanding of the regulatory landscape. The SEC has the authority to regulate investment advisers under the Advisers Act and generally requires advisers to register with the SEC unless they meet specific exemptions. Investment advisers may also be subject to regulatory requirements at the state level. The SEC continues to scrutinize fees and expenses, co-investments, conflicts of interest, cybersecurity, and other issues with investment funds.

Tax matters play a critical role in both fund formation and the structure of underlying fund investments. Sponsors of private equity funds may choose to limit participation by certain types of investors due to applicable legal and regulatory considerations and the fund's investment strategy.

Listen as our panel of private equity attorneys discusses the changing landscape of private equity fund formation, including new regulations and their implications for fund sponsors.

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Outline

  1. Overview of the current private equity fund formation landscape
  2. Why a limited partnership? Why Delaware? Key concepts under the DRULPA
  3. Regulatory concerns
    1. Investment Advisers Act
    2. SEC focus on fees and expenses and conflicts of interest
    3. Co-investments
    4. Cybersecurity
  4. Current tax issues for private equity funds
  5. Initial fundraising negotiations
  6. Fund terms update and hot topics

Benefits

The panel will review these and other key issues:

  • What are the most significant changes impacting private equity fund formation from a capital raising perspective?
  • What are some recent structural changes taking place in the market?
  • How are new SEC initiatives and guidance impacting private equity fund terms?

Faculty

Belsley, Michael
Michael D. Belsley

Partner
Kirkland & Ellis

Mr. Belsley's practice involves structuring, negotiating and documenting complex business transactions, including...  |  Read More

Bettsteller, Kevin
Kevin R. Bettsteller

Partner
DLA Piper LLP (US)

Mr. Bettsteller focuses on representing financial services companies, such as private equity, real estate, credit and...  |  Read More

Mannon, Joseph
Joseph M. Mannon

Shareholder
Vedder Price

Mr. Mannon is Chair of Vedder Price's Private Fund Formation group and a member of the firm's Investment...  |  Read More

Live Webinar

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Early Discount (through 01/08/21)

Live Webinar

$297

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Live Webinar & Download

$394

Live Webinar & DVD

$394 + $24.45 S&H

Other Formats
— Anytime, Anywhere

Early Discount (through 01/08/21)

Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

48 hours after event

$297

Download

48 hours after event

$297

DVD

10 business days after event

$297 + $24.45 S&H