Private Equity Fund Formation: Choice of Entity, Fundraising Trends, SEC Regulatory Issues, Tax Concerns
Note: CPE credit is not offered on this program
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course 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.
- Overview of the current private equity fund formation landscape
- Why a limited partnership? Why Delaware? Key concepts under the DRULPA
- Regulatory concerns
- Investment Advisers Act
- SEC focus on fees and expenses and conflicts of interest
- Current tax issues for private equity funds
- Initial fundraising negotiations
- Fund terms update and hot topics
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?
Michael D. Belsley
Kirkland & Ellis
Mr. Belsley's practice involves structuring, negotiating and documenting complex business transactions, including... | Read More
Mr. Belsley's practice involves structuring, negotiating and documenting complex business transactions, including strategic and leveraged acquisitions, recapitalizations and divestitures, formation and governance of private equity funds (including primary investments in and secondary market sales of private equity fund interests), venture capital investments, mezzanine debt financings, equity financings and corporate governance matters. He regularly represents buyers and sellers, as well as market intermediaries, in their secondary market activities. His secondary market experience includes traditional portfolio sales, structured secondaries, synthetic secondaries, captive fund spin-outs, stapled secondary offerings, fund recapitalizations and restructurings, follow-on funding secondaries and orphaned asset sales in a variety of asset classes, including the venture capital, leveraged buy-out, special situations and real estate sectors. He also frequently represents both private equity fund sponsors and investors in private equity fund formations, fund-level restructurings and governance matters.Close
Kevin R. Bettsteller
DLA Piper LLP (US)
Mr. Bettsteller focuses on representing financial services companies, such as private equity, real estate, credit and... | Read More
Mr. Bettsteller focuses on representing financial services companies, such as private equity, real estate, credit and hedge fund sponsors and other investment advisers; registered investment companies, business development companies and their independent directors; and broker-dealers. He has significant experience advising clients on a wide variety of investment management and securities law matters, including the structuring, formation, offering and operation of investment funds; adviser registration and compliance; agreements with service providers; mergers and acquisitions; joint ventures; preparing for and responding to SEC examinations; and other ongoing regulatory, governance and strategic issues.Close
Joseph M. Mannon
Mr. Mannon is Chair of Vedder Price's Private Fund Formation group and a member of the firm's Investment... | Read More
Mr. Mannon is Chair of Vedder Price's Private Fund Formation group and a member of the firm's Investment Services group. He focuses his practice on legal and compliance matters for investment advisers, mutual funds, closed-end funds and unregistered vehicles such as hedge funds, hedge fund of funds and other investment entities. With regard to unregistered vehicles, he frequently counsels clients on fund formation and structuring matters for funds organized both in the United States and abroad. He also counsels clients on issues relating to commodity trading advisers and commodity pool operators. Mr. Mannon has substantial experience in regulatory and compliance matters affecting investment advisers, including registration and marketing, such as compliance with Global Investment Performance Standards (GIPS), as well as in drafting compliance policies and procedures. He counsels advisers on trading agreements, including brokerage and derivatives agreements. He also conducts mock Securities and Exchange Commission (SEC) examinations and represents clients before the SEC and other regulators in examinations and investigations. He also spends significant time counseling registered and unregistered investment company boards.Close