Funds
CFTC Proposal Would Restore CPO and CTA Registration Exemptions for SEC-Registered Advisers; Comments Due October 5
On August 18, 2026, the Commodity Futures Trading Commission (CFTC) proposed to restore, in modified form, an exemption from commodity pool operator (CPO) registration for certain investment advisers registered with the Securities and Exchange Commission (SEC), together with corresponding relief from commodity trading advisor (CTA) registration. SEC-registered investment advisers (RIAs) […]
When Poor Investment Diligence Becomes an Advisers Act Violation
The Securities and Exchange Commission (SEC) recently settled an enforcement action against Hatteras Investment Partners and its CEO and co-founder, David Perkins, arising from a transaction that resulted in losses of approximately $300 million. But the interesting part of the case is not the investment loss itself. It is the […]
SEC Proposes Rescinding Investment Adviser Pay-to-Play Rule
The proposal would eliminate Rule 206(4)-5’s two-year compensation ban, covered associate framework and third-party solicitor restrictions. Actual pay-to-play conduct would remain a potential antifraud and fiduciary-duty violation. On September 3, 2026, the US Securities and Exchange Commission (SEC) proposed rescinding Rule 206(4)-5 under the Investment Advisers Act of 1940 (Advisers […]
The Private Fund Issues Beneath Recent SEC Enforcement Cases
Recent enforcement actions brought by the Securities and Exchange Commission (SEC) involving private funds highlight more than the misconduct alleged in the complaints and settlement orders.[1] They also surface a variety of regulatory issues that can be easy to miss amid the headlines. Tucked beneath allegations of hidden markups and […]
Primer: Structuring the General Partner and Management Company for a Private Equity or Venture Capital Fund
We are often asked by new and emerging managers about the fund itself: where to form it, what the management fee should be, how carried interest should work, what rights investors should receive, and what the partnership agreement should say. Those are important questions. But they are not the only […]
Primer: Selecting the Domicile for Your Private Equity or Venture Capital Fund
We are often asked, by both new and established managers of private equity and venture capital funds, “Where should I form my next fund?” The answer is, in many cases, Delaware or the Cayman Islands. For managers seeking reputable institutional capital across the United States, Europe, Asia, Latin America, the […]
AI Policy for Fund Managers
Fund managers encounter AI tools everywhere, including in research workflows, communications, marketing, portfolio monitoring and compliance. If your firm uses AI in any meaningful way and doesn’t have a written policy, that gap may be showing up in due diligence questionnaires (DDQs), examinations or the firm’s own operations when something […]
California’s SB 1319: What Alternative Fund Managers Should Know
Fund managers with California public pension investors should be tracking Senate Bill 1319, which is making its way through legislative committees. If enacted, it would increase the burden on California public pensions to disclose greater proprietary and confidential information than is required under current law.