SEC Relaxes Conditions of Form ADV Filing Extension
In response to the developing COVID-19 situation, on March 25, 2020 the SEC issued a new order to relax certain conditions contained in a previous order issued March 13, 2020 applicable to Exempt Reporting Advisers (“ERAs”) and Registered Investment Advisers (“RIAs”) who need more time to file annual amendments to […]
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 […]
Q4 2019 Quarterly VC Update: Nisa Leung on the State of Venture Capital Investing
In conjunction with our Q4 Venture Financing Report, I sat down with Nisa Leung from Qiming Venture Partners to get her take on the state of venture capital investing. It is worth acknowledging that at the time of drafting the interview questions, coronavirus was just beginning to appear in China. By the time […]
Cayman Update: Private Funds Law 2020 Requires VCs to Register
Update: On July 7, 2020, the Cayman Islands Government amended the Private Funds Law 2020 and expanded the definition of a “private fund”. As a consequence, a few types of entities (such as “single investment funds” and “no fee no carry funds”) that were expected to be excluded from the […]
Primer: Management Fees in Venture Capital Funds
We are often asked about the “market” rate for management fees in actively managed venture capital funds. This primer discusses mainstream venture capital funds, so to speak. If your fund is in the venture space but has special attributes (such as being a secondaries fund, a very small micro-fund, a […]
Primer: LP Governance Rights in Venture Capital Funds
Venture capital funds are closed-ended, long duration blind pools. In the many years following closing, the fund manager is permitted to operate and invest the fund in its discretion as long as it stays within some limited guidelines codified at inception in the partnership agreement. But, what happens if circumstances […]
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 […]
Primer: Carried Interest in Venture Capital Funds
We are often asked about the prevalent market options for structuring carried interest provisions in venture capital funds. In this post, we’ll speak of mainstream venture capital funds, so to speak. Terms differ in special situations, like co-investment funds, top-up funds, funds that are wholly or partially funds-of-funds, and so […]