Fund Managers, Marketing

Shortening the Capital Raising Process

Seward & Kissel LLP on 5/27/2025

We have recently witnessed a noticeable lengthening of the time needed to close on an institutional investor’s fund allocation. Anecdotally, the typical time frame to close on an institutional investor allocation appears to...more

Updated Marketing Rule FAQ Relieves Fund Managers From Calculating Investment-Level Net Returns

Cooley LLP on 4/4/2025

On March 19, 2025, staff from the Securities and Exchange Commission (SEC staff) updated its prior guidance regarding the requirement to show net returns of an individual investment, or subset of investments, in compliance...more

SEC Marketing Rule: Fintech Enforcement Actions

Womble Bond Dickinson on 7/17/2024

This alert highlights recent artificial intelligence (AI)-related enforcement actions that the Securities and Exchange Commission (SEC) has brought against investment advisers under the SEC's "Marketing Rule." The enforcement...more

Private Fund Advisers: Presenting Track Record and Other Performance Information Under the Marketing Rule

Morrison & Foerster LLP on 11/1/2023

Private fund advisers that are registered with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940 (the “Advisers Act”) are subject to certain rules governing their use of investment track...more

Guidelines on Marketing Communications Under the Regulation on Cross-Border Distribution of Funds

Goodwin on 1/26/2022

SCOPE - On 2 August 2021, The European Securities and Markets Authority (“ESMA”) published the Guidelines on Marketing Communications (the Guidelines) under the regulation on cross-border distribution of funds, which...more

Reminder to Managers of New Fund Marketing Rules in the EU

Akin Gump Strauss Hauer & Feld LLP on 6/29/2021

1. Overview The new rules on the promotion of funds introduced by the new Cross-Border Distribution of Collective Investment Undertakings Directive and Regulation (Cross-Border Distribution of Funds (CBDF) Rules) are due to...more

Blog: The #AIFMD for non-EU Fund Managers: why it might soon be easier to market a Fund into the EU than it’s been so far

Cooley LLP on 7/21/2016

At the moment, a non-EU PEVC fund manager (Fund Manager), managing a non-EU PEVC fund (Fund), can only market* that Fund in the EU if it complies with the National Private Placement Regime (NPPR) in every relevant EU country....more

Impact of New European AIFMD Regulation on SBICs

Foley Hoag LLP on 10/14/2015

The recent adoption of the European Alternative Investment Fund Managers Directive (AIFMD), effective July 2013 (and with transitional provisions in some countries through 2014), has imposed complex new regulations on most...more

"AIFMD Passport: Europe Must Try Harder"

Skadden, Arps, Slate, Meagher & Flom LLP on 8/20/2015

On July 30, 2015, the pan-EU securities regulator, European Securities and Markets Authority (ESMA), published two papers covering the application of the marketing “passport” under the Alternative Investment Fund Managers...more

Alert: The AIFMD for Non-EU Fund Managers: It's Not as Bad as You Think – Part II: Small fund managers marketing to professional...

Cooley LLP on 7/31/2015

Many non-EU alternative investment fund managers (AIFMs) raising non-EU alternative investment funds (AIFs) will accept a European investor on a "reverse solicitation" basis; but they won't "market" into Europe. This is...more

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