Funds

Private Equity and Venture Capital Investments for 401(k) Plans?
On August 7, President Donald Trump signed an executive order (Democratizing Access to Alternative Assets for 401(k) Investors) that has been widely – and mistakenly – reported to open 401(k) plan assets to “alternative asset” investments, including private equity (PE) and venture capital (VC) vehicles, such that a flood of […]

Are Secondaries and Fund of Funds Investments on the Horizon for Venture Capital Fund Managers?
On July 22, 2025, two new bills – the Developing and Empowering Our Aspiring Leaders Act of 2025 (DEAL Act) and the Improving Capital Allocation for Newcomers Act of 2025 (ICAN Act) – advanced out of the US House Financial Services Committee with strong bipartisan support. If enacted, these bills […]

Key Tax Law Changes for Fund Managers Under the One Big Beautiful Bill Act
The “One Big Beautiful Bill Act” (OBBBA), signed into law on July 4, 2025, brings important changes for investment funds. The OBBBA also omits several anticipated provisions that would have adversely impacted investment funds. This alert highlights nine of the most relevant tax-related provisions and omissions and their practical effect […]

Senate Tax Bill Expands QSBS Benefits
On June 16, 2025, the Senate Finance Committee (SFC) released a revised version of the “One Big Beautiful Bill Act” (SFC bill), following the House’s passage of the bill on May 22. The SFC bill would significantly expand the tax exemption under Internal Revenue Code 1202 for qualified small business […]

CFIUS Non-Notified Transaction Enforcement: Cooley’s Five-Year Lookback
March 2025 marked the fifth anniversary of the Committee on Foreign Investment in the United States (CFIUS) initiative to “formalize and centralize” within the Department of the Treasury an enforcement function to identify and investigate “non-notified” transactions (i.e., cross-border acquisition and investment transactions that may have been subject to CFIUS […]

SEC Abandons Numerous Gensler-Era Proposed Rules
In just eight pages, the Securities and Exchange Commission (SEC) scrapped 14 proposed rules introduced between October 2020 and November 2023. Since taking office in April 2025, Chair Paul Atkins has struck a tone diametrically opposed to that of his predecessor, Chair Gary Gensler. The formal withdrawal of these proposed […]

Proposed Federal Tax Legislation Would Effect Three Key Changes to State and Local Tax Deductibility Limits
On May 22, the House of Representatives passed proposed tax legislation titled, “The One, Big, Beautiful Bill” (TOBBB), which will now be debated in the Senate. Among other proposals, if enacted into law, TOBBB would make three significant changes to the limitation on deductibility of state and local taxes under […]

Soroban: An Update After US Tax Court Ruling
On May 28, 2025, the US Tax Court ruled that investment manager limited partners in Soroban Capital Partners were active limited partners and, as such, were ineligible for the limited partner exception to self-employment taxes described in Internal Revenue Code Section 1402(a)(13).