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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

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

Ropes & Gray LLP

SuperReturn International 2025: Four Key Takeaways

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Ropes & Gray attended the SuperReturn International conference in Berlin last week, which attracted over 5,500 decision makers from the private markets industry who came together to share their outlook for 2025 and beyond....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

King & Spalding

SEC Staff No-Action Letter Eases Rule 506(c) Accredited Investor Verification

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On March 12, 2025, the SEC Division of Corporation Finance published a no-action letter that facilitates compliance with Regulation D Rule 506(c), which permits general solicitation, for offerings with certain minimum...more

Katten Muchin Rosenman LLP

SEC Issues New Guidance on Self-Certification of Accredited Investor Status in Private Placements

On March 12, 2025, the staff of the Division of Corporate Finance (the staff) of the US Securities and Exchange Commission (the SEC) concurrently issued a no-action letter and interpretive guidance via new Compliance and...more

DLA Piper

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

DLA Piper on

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

DarrowEverett LLP

Less Red Tape, More Capital? SEC Clarifies 506(c) Verification Rules

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On March 12, 2025, the Securities and Exchange Commission (“SEC”) issued a significant no-action letter clarifying the use of high minimum investment amounts as a method for verifying accredited investor status under Rule...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

Cooley LLP

Acting SEC Chair advocates “cost-effective regulations for every stage of a company’s lifecycle”

Cooley LLP on

Yesterday, Acting SEC Chair Mark Uyeda delivered remarks to the Florida Bar’s 41st Annual Federal Securities Institute and M&A Conference focused on regulatory efforts affecting every stage of a company’s lifecycle. Setting...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

Akin Gump Strauss Hauer & Feld LLP

Private Credit: Market Update and 2025 Outlook

As 2025 gets underway and a new presidential administration takes shape in Washington, the credit markets are in good health with plenty of available capital to be deployed. We anticipate a busy year ahead. Deal activity was...more

Cadwalader, Wickersham & Taft LLP

Hot Topics (and Panels) for the Fontainebleau – Sun, Sea and Securitization

Back when NAV was something that guided you to your chosen venue for the evening, the FFA conference in Miami (and earlier still, New York) was a slightly more 'NAV'igable event....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

Vicente LLP

Raising Capital for Your Business: Why Companies Should Avoid Non-Accredited Investors

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When raising capital, startups and growing businesses must choose among various terms, structures, filings, and investor types. One decision—whether to include unaccredited investors—should be straightforward. For the reasons...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

White & Case LLP

European leveraged finance: A market reawakened

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European leveraged finance markets back on track -European leveraged finance markets rallied strongly in 2024, with momentum for new deals and opportunities for borrowers and lenders alike in 2025 - Europe's leveraged...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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