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Alston & Bird

SEC Formalizes and Expands Guidance Increasing Retail Access to Private Funds

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Our Investment Funds Team explains the Securities and Exchange Commission new guidance that expands retail investor access to private funds by relaxing previous restrictions....more

McGuireWoods LLP

Skyline Closes Inaugural Fund With $125 Million

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Skyline Investors has announced the close of a new fund. The firm’s inaugural fund closed at its target of $125 million....more

Carey Olsen

Guernsey funds – special considerations for US managers

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Guernsey, located in the English Channel, is one of the world’s largest offshore finance centres, with a thriving funds industry. The value of funds under management and administration in Guernsey is US$532bn. Guernsey is an...more

Blank Rome LLP

Regulatory Update and Recent SEC Actions, July 2025

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Recent SEC Administration Changes - SEC Names Brian Daly as Director of the Division of Investment Management - On June 10, 2025, the Securities and Exchange Commission (the “SEC”) announced that Natasha Vij Greiner,...more

Walkers

Jersey Funds Law Series: Jersey private funds – key features

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A JPF is a private fund product which is lightly regulated - A JPF can be established in various forms...more

Troutman Pepper Locke

Evolving Dynamics in Subscription Line Lending: The Role of Private Credit Funds and Traditional Banks

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The landscape of subscription line lending is undergoing significant transformation, with both private credit funds (PCFs) and traditional banks playing crucial roles. PCFs, which pool capital from institutional and...more

Walkers

Raising platforms optimising Guernsey vehicles for investment platforms and fund structuring

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The use of Guernsey umbrella structures for both regulated and unregulated investment structures has seen a notable rise over the past 18 months. Where these structures have typically been used for larger, master fund/...more

King & Spalding

What is new in: Private Credit Secondaries

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Private credit funds have ballooned across the industry to bridge the funding gap which followed the great financial crisis and the resulting regulation of traditional financial institutions. The maturing private credit...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Preferred Return Podcast | Balancing Act: Strategies for GPs and LPs in Today's Market

Our latest episode of “The Preferred Return” examines the often intricate dynamic between general partners (GPs) and limited partners (LPs), particularly in today’s challenging fundraising environment. Hosts Greg Norman and...more

Foley Hoag LLP

Revised Reporting of Investors on Form PF – Action Needed with Compliance Date of June 12, 2025 Around the Corner

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The Securities and Exchange Commission (the “SEC”) adopted amendments to Form PF on February 8, 2024. The compliance date for these amendments, which was originally March 12, 2025, was extended to June 12, 2025 (the...more

Vedder Price

SEC Staff No-Action Letter Allows Issuers to Rely on High Minimum Investment Amounts to Verify Purchasers in Rule 506(c) Offerings

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On March 12, 2025, the staff of the Securities and Exchange Commission (“SEC”) issued no-action guidance providing that certain minimum investment amounts, along with certain written representations from the purchaser, could...more

DLA Piper

SEC Permits Rule 506(c) Accredited Investor Verification with Self-Certification

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The US Securities and Exchange Commission (SEC) has published no-action guidance providing clarity to issuers relying on Rule 506(c) of Regulation D – an exempt offering pathway that permits issuers to publicly advertise an...more

Akin Gump Strauss Hauer & Feld LLP

Corp Fin Breathes New Life into 506(c)

On March 12, 2025, the U.S. Securities and Exchange Commission’s Division of Corporation Finance issued a no-action letter providing a new safe harbor for Rule 506(c) offerings, which may enable broader public outreach and...more

Morgan Lewis

Private Credit Markets Continue to Expand in Asia

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Private credit, or funding provided by non-bank lenders, has expanded significantly, becoming a $1.7 trillion global industry. Many market participants anticipate continued growth, with conservative estimates projecting an...more

Proskauer - Regulatory & Compliance

FCA’s Private Market Valuations Review – Good Practice but Room for Improvement

On 5 March 2025, the United Kingdom’s Financial Conduct Authority (“FCA”) published the findings of its multi-firm review of valuation processes for private market assets (the “Review”).  The Review covered a firms operating...more

K&L Gates LLP

United States: Potential Increase to Debenture Limit for Levered Small Business Investment Companies (SBICs)?

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Small Business Investment Companies (SBICs), which invest in qualifying small businesses in the United States, are eligible to receive Small Business Administration (SBA)-guaranteed debentures at favorable rates to finance...more

Paul Hastings LLP

Private Debt Explosion: Breaking New Ground

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In the last 12 months, we have seen private debt markets take off over other strategies. In particular, there are now more creative ways of bringing in new types of investors to this asset class, including insurers, pension...more

Proskauer Rose LLP

SEC Acting Chair Remarks on Private Capital-Raising and Retail Access to Private Companies

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In recent remarks at the Florida Bar's 41st Annual Federal Securities Institute and M&A Conference on February 24, 2025, SEC Acting Chair Mark Uyeda outlined his agenda for what he called a "return to normalcy" at the SEC. If...more

Cadwalader, Wickersham & Taft LLP

Miami in the Rearview February 2025 - Key Takeaways From Miami 2025

A record more than 2,500 industry players attended the 14th annual Global Fund Finance Symposium that wrapped up at the Fontainebleau in Miami Beach. As has been the trend in recent years, there was a lot to discuss (beyond...more

Conyers

10 Things You Need To Know About… Using a Cayman Islands SPV to Structure a CLO Transaction

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Special purpose vehicles (SPVs) are commonly employed as a structuring tool in many cross-border and structured finance transactions, and collateralised loan obligation (CLO) transactions are no exception. The Cayman Islands...more

Alston & Bird

ILPA Releases Updated Reporting Template and New Performance Templates

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Our Investment Funds Team reviews new templates from the Institutional Limited Partners Association (ILPA) for the private funds and private equity industries....more

White & Case LLP

Breaking new ground on the next phase of private credit

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Private credit has secured its position as the main provider of debt capital to the mid-market, established its large-cap credentials and is now entering the next phase of its development - After dominating mid-market...more

Walkers

Growth in European Fund Finance: A Channel Islands perspective

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Access to liquidity was a central theme of 2024 in the European fund finance market. Whilst macro-economic factors suppressed demand for subscription lines, alternatives such as NAV, GP and back-leverage facilities kept many...more

Cadwalader, Wickersham & Taft LLP

Fund Finance Around the World February 2025 - Around the (Fund Finance) World in Eight Topics!

With just over two weeks to go until the global fund finance community gathers in Miami, the time seems apt to revisit some topics that bankers and attorneys encounter in some commonly seen non-US fund finance jurisdictions....more

Paul Hastings LLP

ILPA Releases New Reporting and Performance Templates

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On January 22, the Institutional Limited Partners Association (ILPA) released an update to its 2016 Reporting Template and unveiled a new Performance Template. Together, the goal of these documents is to enhance and...more

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