Vinson & Elkins Partners Robert Seber, David Peck, and Megan James, counsel to Ridgewood Infrastructure, share the story behind the private equity firm’s latest success and the legal work that went into it....more
A fund primarily engaged in investing or trading in securities must register under the Investment Company Act, unless it falls under an exception to the definition of investment company. The exceptions are listed in Section...more
Distribution waterfalls are ubiquitous in the private investment world. They determine participation in cash flows or profits that is not in proportion to invested capital such as the incentive element (aka “promote” or...more
Planning to raise a private equity fund with your partners? It may not be your first investment vehicle, but if your new fund is larger than what you’ve worked on in the past — say, $500 million — you may find yourself...more
On February 9, 2022, the Securities and Exchange Commission (“SEC”) proposed new rules under the Investment Advisers Act of 1940 (“IAA”) to regulate advisers to private funds. One set of the proposed rules is intended to...more
Aligning the interests of General Partners (GPs) and Limited Partners (LPs) is an essential component of successful private equity funds. Efficient fund terms help GPs and LPs focus on achieving common goals and maximizing...more
On May 13, 2020, the Department of the Treasury and the Small Business Administration (“SBA”) released guidance on how SBA will review a borrower’s required certification that “[c]urrent economic uncertainty makes this loan...more
On May 4, 2020, the Federal Reserve Bank of New York (“the Fed”) released Frequently Asked Questions (“FAQ”) regarding the previously announced Primary Market Corporate Credit Facility (“PMCCF”) and the Secondary Market...more
On April 30, 2020, the Federal Reserve (the “Fed”) announced an expansion of the scope of its previously announced Main Street New Loan Facility and Main Street Expanded Loan Facility and provided additional guidance in the...more
The Small Business Administration (“SBA”) and the Department of the Treasury have released additional guidance on the Paycheck Protection Program (“PPP”) established under the CARES Act. This guidance, effective April 7,...more
Updated April 3, 2020 On April 2, 2020, the Small Business Administration (the “SBA”) issued an Interim Final Rule (the “Rule”) announcing the implementation of the Paycheck Protection Program (“PPP”) of the Coronavirus Aid,...more
Congress is imminently expected to approve a $2.2 trillion stimulus package known as “The Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” to provide emergency assistance to deal with the 2020 novel...more
3/30/2020
/ Business Closures ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief ,
Unemployment Insurance
This Q&A attempts to answer some questions that may be on the mind of private equity sponsors who are nervous about the reactions of their LPs to the current crisis.
Can our LPs terminate our fund?
You need to check...more