Private Equity Fees and Expenses

Pepper partner and co-chair of the firm's Funds Services Group, Julia D. Corelli, recently presented at a special luncheon for the CFA Society of Philadelphia where she discussed how PE firms' fees and expenses are being treated in light of the SEC aggressively fighting for transparency and clairvoyance in this area.

Topics covered in this podcast (with the time codes listed) include what is a typical fund structure (6:35); the economics of a fund (10:28); LPA provisions (17:13); fund due diligence and the legal landscape (20:42); upcoming PEI study discussion on this topic (28:25); what the SEC is talking about and hot topics regarding expenses (36:49); two SEC enforcement actions – Clear Energy Capital (1:04:17) and Lincolnshire (1:13:32); and whistleblowers (1:16:03).

As Ms. Corelli mentions in her presentation, Pepper has teamed with PEF Services and PEI to conduct a survey on this topic which is of great interest to many regulators and investors. Contact Brian Dolan at dolanb@pepperlaw.com to be added to the distribution list for the results later this fall.

Download a PDF of the PowerPoint Slides.

(Running Time: 1:21:47)
 
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Lawsuit Contests Ban on Wall Street Cash for State Pols

Pepper partner Gregory J. Nowak recently appeared on Newsmax TV to discuss a lawsuit filed by one that seeks to end a Securities and Exchange Commission ban on political contributions from Wall Street firms to governors and other state officials. Mr. Nowak discusses this with Jason Torchinsky, a lead attorney in the lawsuit.


(Running Time: 10:42)

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Thomson Reuters Session - SEC Approves New Rules to Address Run Risks in Money Market Funds

On September 9, 2014, Pepper Hamilton attorneys Gregory J. Nowak and John P. Falco spoke on a webinar for West LegalEdcenter, part of Thomson Reuters. This podcast is a recording of this webinar.

On July 23 the Securities and Exchange Commission (SEC) adopted amendments to the rules that govern money market mutual funds. The amendments make structural and operational reforms to address risks of investor runs in money market funds, while preserving the benefits of the funds. The rules build upon the reforms adopted by the Commission in March 2010 that were designed to reduce the interest rate, credit and liquidity risks of money market fund portfolios. When the Commission adopted the 2010 amendments, it recognized that the 2008 financial crisis raised questions of whether more fundamental changes to money market funds might be warranted. The new rules require a floating net asset value (NAV) for institutional prime money market funds, which allows the daily share prices of these funds to fluctuate along with changes in the market-based value of fund assets and provide non-government money market fund boards new tools – liquidity fees and redemption gates – to address runs.

This engaging webcast will delve into:

  • understanding the new regulations and what this means for fund managers
  • how and why the SEC adopted
  • analysis and prospectus on the possible impact in the near term and long term.

PDF file of the PowerPoint slides from this webinar.

(Running Time: 1:00:33)
 
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Hot Topics Roundtable for Fund Managers - Cybersecurity, Valuation, and More

Representatives from Pepper Hamilton, Duff & Phelps and Freeh Group International Solutions (FGIS) led a fast-paced, interactive discussion of some of the hottest topics in the fund managing world. This podcast is a recording of this session from Philadelphia.

Topics discussed included (time codes) valuation questions (4:45) including trends in secondary market regarding valuations (28:00); cybersecurity (35:10) including how do you judge the risk of your third party vendors (52:17), what to do if you have a data breach (1:06:57); and fundraising and expense allocations (1:12:22).

Email podcasts@pepperlaw.com to be added to our mailing list to receive future legal updates in the world of Funds.

(Running Time: 1:27:11)

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Thomson Reuters Session - April: Investment Management, Hedge Funds & Registered Mutual Funds: What's Happening Now?

Pepper partner Gregory J. Nowak has regularly hosted a roundtable in Pepper’s New York office for private funds and their managers to discuss issues in the investment management world. He has recently started to give a preview of the monthly topics to be covered on a national stage by speaking on a similar webinar series for West LegalEdcenter, part of Thomson Reuters.

This podcast is a recording of Mr. Nowak’s webinar who was also joined by Pepper corporate and securities attorney Brian Korn. Topics discussed include (time codes) recent SEC enforcement activity (2:30); the matter of Laird Daniels, CPA (10:18) and the matter of Visionary Trading LLC (20:54); recent developments in crowdfunding (28:11); and lastly a peer-to-peer lending discussion (46:05).

Click here for more information about Pepper's Crowdfunding and Peer-to-Peer Lending practice.

PDF file of the PowerPoint slides from this webinar.

(Running Time: 59:58)

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Thomson Reuters Session 2: Investment Management, Hedge Funds and Registered Mutual Funds: What's Happening Now?

Pepper partner Gregory J. Nowak has regularly hosted a roundtable in Pepper’s New York office for private funds and their managers to discuss issues in the investment management world. He has recently started to give a preview of the monthly topics to be covered on a national stage by speaking on a similar webinar series for West LegalEdcenter, part of Thomson Reuters.

This podcast is a recording of Mr. Nowak’s webinar who was also joined by fellow partner Kevin M. Johnson from the firm’s Tax practice. The webinar covered current legal developments affecting the markets and funds and their managers, including whistleblower rules; the IRS’s global high net worth initiative targeting wealthy high net worth taxpayers, including fund managers; and FATCA.

PDF file of the PowerPoint slides from the Webinar.

(Running Time: 1:01:49)
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Thomson Reuters Session 1: Investment Management, Hedge Funds and Registered Mutual Funds: What's Happening Now?

Pepper partner Gregory J. Nowak has regularly hosted a roundtable in Pepper’s New York office for private funds and their managers to discuss issues in the investment management world. He has recently started to give a preview of the monthly topics to be covered to a national audience by speaking on a similar webinar series for West LegalEdcenter, part of Thomson Reuters.

This podcast is a recording of Mr. Nowak's webinar where he discussed SEC compliance initiatives; a Dodd Frank update on bad actors; an update on the JOBs Act and Volcker Rule; and a discussion on ISDA protocols.

PDF file of the PowerPoint slides from the Webinar.

(Running Time: 1:01:17)
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Update on Section 363 of the Bankruptcy Code and Delaware Bankruptcy Court’s Decision in the Fisker Automotive Holdings Inc. Bankruptcy Case

Section 363 of the Bankruptcy code has been a topic of discussion in legal circles lately. We are joined by Henry Jaffe, a partner in Pepper’s Corporate Restructuring and Bankruptcy Practice Group, to discuss Section 363 and review the concerns of bankruptcy practitioners and participants because of the United States Bankruptcy Court for the District of Delaware’s decision in the Fisker Automotive Holdings, Inc. case, including some lessons learned from Fisker.

(Running Time: 10:29)
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New Manager Forum Panel III – Post-launch Matters

Launching a new hedge fund or private equity fund can be one of the most exciting and rewarding ventures a person will ever undertake-and it can also be the most challenging, given today's competitive and demanding investing environment.

With that in mind, Pepper Hamilton teamed up with Constellation Investment Consulting to put together a New Manager Forum in Pepper’s NY office earlier this year. Speakers included perspectives from all facets of the investment industry, including lawyers, consultants, prime brokers, accountants, startup administrators, fund admin services and a hedge fund placement agent.

We recorded the forum and broke it up into three separate podcasts.

This podcast focuses on post-launch matters such as continued marketing and fundraising; increasing complexity in operations; SEC registration, conflicts of interest, allocation issues, and other legal and regulatory issues; the need to expand service providers or functions; and other challenges on the horizon as the new managers grows, including investor due diligence demands.

You can also listen to the podcast recordings of Panel I which focuses on critical pre-launch considerations and Panel II which focuses on launch issues.

Email podcasts@pepperlaw.com to be added to our mailing list to receive future legal updates in the world of Funds.

(Running Time: 52:00)
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New Manager Forum Panel II – Launch Issues

Launching a new hedge fund or private equity fund can be one of the most exciting and rewarding ventures a person will ever undertake-and it can also be the most challenging, given today's competitive and demanding investing environment.

With that in mind, Pepper Hamilton teamed up with Constellation Investment Consulting to put together a New Manager Forum in Pepper’s NY office earlier this year. Speakers included perspectives from all facets of the investment industry, including lawyers, consultants, prime brokers, accountants, startup administrators, fund admin services and a hedge fund placement agent.

We recorded the forum and broke it up into three separate podcasts.

This podcast focuses on launch issues, including the raising of capital, such as seeding, cap intro firms and placement agents; advertising opportunities under the JOBS Act; and more.

You can also listen to the podcast recordings of Panel I which focuses on critical pre-launch considerations and Panel III which focuses on post-launch matters.

Email podcasts@pepperlaw.com to be added to our mailing list to receive future legal updates in the world of Funds.

(Running Time: 51:03)
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