Category: Funds

SEC Extension of FORM ADV Amendment Deadline

In response to the coronavirus disease COVID 19, the SEC has provided a conditional extension of the March 30, 2020 deadline for annual amendments to Form ADV. The extension applies to both Exempt Reporting Advisers (“ERAs”) and Registered Investment Advisers (“RIAs”).  RIAs’ brochure delivery and updating deadlines have also been […]

Cayman Update: Private Funds Law 2020 Requires VCs to Register

On February 7, 2020, the Cayman Islands published the Private Funds Law 2020.  Most importantly, the Law requires certain Cayman Islands private funds to register with the Cayman Islands Monetary Authority (“CIMA”).  This requirement covers most closed-ended funds formed in Cayman Islands, including typical venture capital and private equity funds […]

CFIUS Reform: Implications of FIRRMA for Fund Managers

After long debate concerning the need to reform the Committee on Foreign Investment in the United States (“CFIUS”) to address evolving national security threats and emerging technologies, the Foreign Investment Risk Review Modernization Act (“FIRRMA”) became law on August 13, 2018. FIRRMA expands CFIUS’s powers to review investments by “foreign […]

CFIUS Reform: Implications of FIRRMA for Fund Managers

After long debate concerning the need to reform the Committee on Foreign Investment in the United States (CFIUS) to address evolving national security threats and emerging technologies, the Foreign Investment Risk Review Modernization Act (FIRRMA) became law on August 13, 2018. FIRRMA expands CFIUS’s powers to review investments by “foreign […]

How Do You Handle Structured Secondary Sales Run By Agents?

Most clients we work with have gotten the letter from time to time: “Hi, our firm is acting as agent for Institution X, one of your limited partners, who are selling a portfolio of interests in venture capital funds.” The letter goes on to explain that the manager’s interest has […]