News & Analysis as of

Private Equity Investment Management

K&L Gates LLP

Europe: Fundamental Reform of UK Taxation of Carried Interest

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From 6 April 2026, carry will be redefined and taxed in the United Kingdom as deemed UK trade or business income where investment management services (as redefined) are performed in the UK. The relevant draft legislation was...more

Katten Muchin Rosenman LLP

HMRC Publishes Draft Legislation for New UK Carried Interest Tax Regime

On July 21, 2025, HM Revenue and Customs (HMRC) published the long-awaited draft legislation (Draft Legislation) for the new UK carried interest tax regime (New Regime) that will apply from April 6, 2026. Under the New...more

Hogan Lovells

UK carried interest regime: draft legislation confirms scope and conditions

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On 21 July 2025, the UK Government published draft legislation for the new UK carried interest regime, which is expected to come into effect from 6 April 2026. As previously announced, the draft legislation provides for...more

McGuireWoods LLP

Thurston Closes New Fund With $211 Million

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Thurston Group has announced the close of a new fund. The fund — Thurston Fund III — closed at $211 million. It was oversubscribed....more

Ropes & Gray LLP

Negotiating Economics: What are the Different Advantages of Co-Investment for GPs and LPs?

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GPs are increasingly exploring formalised co-investment structures in a bid to secure management fees and carried interest. Co-investment activity has increased fivefold over the past two decades, hitting a record $33.2...more

DarrowEverett LLP

SEC Could Broaden Path to Private Equity Fund of Funds Investment

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Since the enactment of the Investment Company Act 85 years ago, the asset management industry has grown from $2 billion in assets to more than $39 trillion in assets. Under existing Securities and Exchange Commission (“SEC”)...more

Mayer Brown

UK Regulatory Update Asset Management Sector - Quarterly Newsletter Q2 - 2025

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FCA finalises rules for PISCES – new secondary private stock market – On 10 June 2025, the FCA issued its final rules for the Private Intermittent Securities and Capital Exchange ("PISCES"). PISCES is a new type of private...more

A&O Shearman

Global trends in private markets: Spotlight on the Middle East 2025

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The global private markets landscape is undergoing a profound transformation, marked by rapid growth, heightened competition, and a wave of innovation that is reshaping investment strategies and fund structures. Private...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Public Markets Monitor – Q2 2025

AIM Consultation Paper - 7 April 2025 / LSE - The London Stock Exchange (LSE) initiated a significant consultation on the Alternative Investment Market (AIM). The discussion paper sought feedback from market participants...more

Herbert Smith Freehills Kramer

Asia Private Capital: Second-Quarter Data and Trends

Two quarters in, Asia's private capital market appears as uncertain as ever. Last year, we repeatedly heard two mantras. First, Asia's private capital market would grow at substantial rates and, second, that GP...more

McGuireWoods LLP

Healthcare & Life Sciences Private Equity Deal Tracker: VeraNorth Launches Fund, Acquires RN Express

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VeraNorth Capital Management has announced the launch of VeraNorth Healthcare Private Equity Fund....more

Allen Matkins

What investment trends are you seeing among family offices? Are there special considerations for family offices navigating the...

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“Family offices are continuing to actively allocate substantial funds to real estate as a core component of their overall investment strategy. There is continued preference for multi-family and industrial projects and...more

Seward & Kissel LLP

Seward & Kissel Seed Investments Study Highlights Shift Toward Illiquid Strategies

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Our 2024 observation period indicated an extension of a number of trends in investment fund seeding transactions that we have been tracking for more than a decade. First, institutional seeders continued to represent an...more

Cadwalader, Wickersham & Taft LLP

Debt by Design, June 2025 - Permitted Indebtedness

Before a subscription lender can enter into a subscription credit facility with a fund, the subscription lender will need to review the limited partnership agreement (“LPA”) of such fund to confirm the LPA allows for...more

Proskauer - The Capital Commitment

Three Risks to Monitor in Private Credit

Private credit has become an essential source of financing globally, with fund sponsors enjoying strong demand from borrowers, market participants, and investors.  However, as the industry’s “golden age” continues, regulatory...more

Lowenstein Sandler LLP

OFAC Imposes Largest-Ever Penalty on Nonbank Financial Institution for Egregious and Sustained Sanctions Violations—a $216M...

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a historic $215,988,868 civil monetary penalty against GVA Capital Ltd. (GVA), a venture-capital firm registered in the Cayman Islands...more

Mayer Brown Free Writings + Perspectives

BDC Facts & Stats - June 2025

In recent years, non-bank lending to private equity-owned, small- and middle-market companies has increased significantly. Within this growing sector, private and non-traded BDCs have outperformed other non-bank lenders in...more

Troutman Pepper Locke

FUNDamentals — June 2025

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FUNDamentals is a periodic digest of news and information specifically for private funds and their managers. In this issue, we highlight some fundraising trends, new marketing rule FAQs, fund liquidity trends (limited...more

Baker Botts L.L.P.

Antitrust Scrutiny of Investors Under a New Administration

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Under the old guard of the prior administration, private equity was repeatedly under fire for alleged “flip and strip” tactics that were supposedly “at odds with competition.” Now, with new enforcers in place, a different...more

Morrison & Foerster LLP

Tax Court’s Decision in Soroban—Potential SECA Tax Implications for Management Fee Income

On May 28, 2025, the U.S. Tax Court issued its decision in Soroban Capital Partners LP v. Commissioner (T.C. Memo 2025-52) (“Soroban”), holding that “limited partners” of a management company organized as a Delaware limited...more

Rivkin Radler LLP

The Limited Partner Exclusion From Self-Employment Tax – But Who Is A Limited Partner?

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An Agency Under Siege - The mission statement of the IRS reminds taxpayers that it is their responsibility to understand and meet their tax obligations, while it is the role of the IRS to “enforce the [tax] law with...more

Akin Gump Strauss Hauer & Feld LLP

From Crackdown to Calibration: The UK’s Evolving Carried Interest Regime

In November, we covered the UK government’s proposal to overhaul the tax treatment of carried interest in the United Kingdom—an effort to close perceived loopholes by shifting carried interest fully into the income tax...more

McDermott Will & Schulte

Family Office Symposium 2025 | Key Takeaways

McDermott’s Family Office Symposium 2025 brought together more than 400 single-family office executives and industry leaders to uncover new opportunities, exchange best practices, and strengthen relationships. Focused on the...more

Kilpatrick

The Ninth Circuit Rejects Plaintiffs’ Challenge to 401(k) Investments in Private Equity

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On May 22, 2025, the Ninth Circuit affirmed a district court’s decision to reject a class action lawsuit brought against fiduciaries of Intel defined contribution retirement plans that challenged the plan managers’ decision...more

Troutman Pepper Locke

The One Big Beautiful Bill: Initial Analysis of Key Provisions for Investment Funds and Sponsors

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On May 22, 2025, the House of Representatives passed H.R. 1, the budget reconciliation bill known as the One Big Beautiful Bill Act (the Tax Bill). The Tax Bill proposes amendments to the Internal Revenue Code (the Code) that...more

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