AGG’s Private Equity and Capital Transactions Newsletter is a joint publication of our Securities and Corporate Governance, Private Equity and Venture Capital, Real Estate Private Equity Practice Teams. Produced on a bimonthly basis, this newsletter presents articles on practical topics of interest to private equity fund managers, hedge funds, and other members of the alternative investments community, as well as emerging companies seeking to raise capital.
March/April 2013 Edition
The SEC’s Private Equity “Initiative” Leaves No Stone Unturned: Time to Look at Your Compliance Programs
In March, the SEC settled two enforcement actions involving private equity. The two actions are just the latest indicators of the SEC’s wide ranging and close scrutiny of the private equity industry, which has been ongoing for some time. We are hearing multiple speeches by SEC Staff focused on perceived compliance problems in the private equity industry. Focusing on both registered and unregistered investment advisers, the SEC has expressed concern with virtually every type of violation, large and small, of which a private equity investment adviser is capable. Please click here to read. Please click here to read this alert.
Top Headaches for Conducting a Private Offering
Preparing and completing a private offering of securities in compliance with federal and state securities laws can be a daunting task. There are many pitfalls along the way. In this alert we have listed the top headaches we have encountered in practicing in this area over the years. Please click here to read this alert.
January/February 2013 Edition
An Overview of Limited Partner Advisory Committees and Private Equity Fund Advisory Boards
During the private equity fund formation process, private equity professionals routinely ask questions regarding the role and composition of a limited partner advisory committee (the “LPAC”) and a private equity fund advisory board (the “Advisory Board”). Although private equity funds are not required to have either an LPAC or an Advisory Board, each serves an important function as highlighted in this alert. Please click here to read.
Bad Boy Disqualifiers Are Coming Soon: Time to Upgrade Diligence Procedures Now
Over two years ago, the Dodd-Frank Act instructed the SEC to impose “bad boy disqualification” on Rule 506 private placements. Proposed rules were published, but we are still waiting for the final rules, which were due over a year ago. Despite the long wait, the SEC has placed the final rules on its 2013 rulemaking agenda. Please click here to read this alert.