Firm News
Schulte Roth & Zabel Presents Its 7th Annual Private Equity Fund Conference
May 9, 2019
Schulte Roth & Zabel (SRZ) is hosting its 7th Annual Private Equity Fund Conference today in New York. With a market-leading funds group, SRZ advises many of the most prominent firms in the private equity space. The conference will cover the “State of the Industry,” “GP/LP Perspectives” and “Dealing with Conflicts.” The event is by invitation only.
Headlining the event are SRZ lawyers Stephanie Breslow, Marc Elovitz, David Nissenbaum, David Passey, Phyllis Schwartz and Joseph Smith. They will discuss the following specific topics: key issues on terms; considerations when negotiating fund agreements; tax updates; conflicts of interest involving a fund’s operations; and regulatory and compliance risks, among others.
“Conflicts of interest and evolution of market terms for private equity funds are just a few of the many issues we will address at today’s conference,” commented Ms. Breslow, co-head of SRZ’s Investment Management Group. “Private equity funds are also seeing new opportunities. The types of strategies pursued by private equity sponsors are expanding, including increased activity in the credit fund space,” added Mr. Smith.
“We are pleased to present our 7th Annual Private Equity Fund Conference, featuring some of the most experienced private equity lawyers in the industry,” commented Alan Waldenberg, chair of SRZ’s Executive Committee.
SRZ is recognized as the preeminent law firm for private investment funds. The lawyers advise private equity firms on every aspect of running their businesses spanning a wide variety of investment strategies. The firm counsels on the structuring of funds and formation of management entities, the representation in negotiations with investors and representation in connection with their transactions. SRZ’s dedicated regulatory and compliance practice is highly regarded for its great depth and is one of the largest teams in the industry. Renowned for their thought leadership in this area, SRZ partners authored the key industry treatise Private Equity Funds: Formation and Operation (Practising Law Institute).
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Alerts
On Aug. 19, 2024, the US Securities and Exchange Commission (the “SEC”) charged Obra Capital Management, LLC (“Obra Capital”) with violations of Rule 206(4)-5 under the Investment Advisers Act of 1940, otherwise known as the “Pay-to-Play Rule” (the “Rule”), arising out of a $7,150 campaign contribution made by an individual prior to joining Obra Capital.[1] This campaign contribution was made to a government official in Michigan who had influence over hiring investment advisers for the Michigan Public Employees’ Retirement Fund (the “Michigan Pension Fund”), which was an investor in a fund managed by Obra Capital (the “Obra Fund”). Notably, the Michigan Pension Fund had been an investor in the Obra Fund for several years prior to the hiring of the individual who made the contribution. And perhaps even more notably, this campaign contribution was made several months prior to the individual becoming a “Covered Associate” (as defined by the Rule[2]) of Obra Capital. By virtue of Obra Capital continuing to provide investment advisory services for compensation to the Obra Fund in which the Michigan Pension Fund was invested after hiring the individual, Obra Capital violated the Rule and agreed to pay a $95,000 fine to settle the charges.
Alerts
On Sept. 12, 2024, the Commodity Futures Trading Commission (“CFTC”) adopted amendments (“Final Rule”)[1] to CFTC Rule 4.7, which is the primary disclosure, reporting and recordkeeping relief relied upon by CFTC-registered commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”). The Final Rule only partially adopted the proposals advanced by the CFTC nearly a year ago (“Proposal”). Importantly, the CFTC has elected to double the financial thresholds required for investors to be Qualified Eligible Persons (“QEPs”) suitable to invest in a Rule 4.7 pool or fund. However, the CFTC decided not to adopt the time-consuming and detailed disclosure requirements included in the Proposal. Operators of Section 3(c)(1) pools and funds that rely on Rule 4.7 will need to adjust their documents to accommodate the new QEP financial thresholds. We do not anticipate any substantive impact on operators of Section 3(c)(7) pools and funds.
Alerts
On Aug. 19, 2024, the US Securities and Exchange Commission (the “SEC”) charged Obra Capital Management, LLC (“Obra Capital”) with violations of Rule 206(4)-5 under the Investment Advisers Act of 1940, otherwise known as the “Pay-to-Play Rule” (the “Rule”), arising out of a $7,150 campaign contribution made by an individual prior to joining Obra Capital.[1] This campaign contribution was made to a government official in Michigan who had influence over hiring investment advisers for the Michigan Public Employees’ Retirement Fund (the “Michigan Pension Fund”), which was an investor in a fund managed by Obra Capital (the “Obra Fund”). Notably, the Michigan Pension Fund had been an investor in the Obra Fund for several years prior to the hiring of the individual who made the contribution. And perhaps even more notably, this campaign contribution was made several months prior to the individual becoming a “Covered Associate” (as defined by the Rule[2]) of Obra Capital. By virtue of Obra Capital continuing to provide investment advisory services for compensation to the Obra Fund in which the Michigan Pension Fund was invested after hiring the individual, Obra Capital violated the Rule and agreed to pay a $95,000 fine to settle the charges.