Firm News
Schulte Advises Serengeti Asset Management on Formation of Its Initial Caracal Funds
April 2021
Schulte advised Serengeti Asset Management LP in raising capital for Serengeti Caracal Master Fund LP (including feeder and parallel vehicles, the “Funds”) to pursue the firm’s growing private investments strategy. Serengeti Caracal Master Fund LP held a final closing in April 2020 and the Funds have collectively received commitments totaling approximately $300 million. This drawdown product invests opportunistically in overlooked and less efficient niches of the markets through bespoke financing platforms, designed to capture returns in underserved markets that need capital. The Funds received significant backing from new institutional investors globally, as well as from existing Serengeti clients, and leverage Serengeti’s long track record of identifying, structuring and executing on unique and complex transactions. Serengeti is an investment management firm specializing in niche private and credit opportunities with approximately $1.1 billion in assets under management.
The Schulte team advising Serengeti was led by investment management partners Stephanie Breslow and Peter Naismith. The team also included employment and employee benefits partner David Cohen, tax special counsel Karen Loga, investment management associates Charles Cohen and Yehuda Ness, and former Schulte lawyer Lauren Capobianco.
Related Insights
Alerts
On March 1, 2024, New York Governor Kathy Hochul signed into law an amended version of the New York LLC Transparency Act (“NYLTA”),[1] requiring certain limited liability companies (“LLCs”) formed or authorized to do business in New York (each, a “NY Reporting Company”) to file a beneficial ownership information (“BOI”) report with the NY Department of State (“NY DOS”). Each NY Reporting Company will be required to disclose on its BOI report identifying information pertaining to each individual who directly or indirectly exercises substantial control or owns or controls 25 percent or more of the ownership interests of a NY Reporting Company (each, a “Beneficial Owner”) and the individuals involved in the NY Reporting Company’s formation or registration to do business in New York (each, an “Applicant”). Information reported to NY DOS will be maintained in a private database not accessible to the public. The NYLTA goes into effect on Jan. 1, 2026 and requires the NY DOS to promulgate regulations implementing the legislation.
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]
Alerts
On March 1, 2024, New York Governor Kathy Hochul signed into law an amended version of the New York LLC Transparency Act (“NYLTA”),[1] requiring certain limited liability companies (“LLCs”) formed or authorized to do business in New York (each, a “NY Reporting Company”) to file a beneficial ownership information (“BOI”) report with the NY Department of State (“NY DOS”). Each NY Reporting Company will be required to disclose on its BOI report identifying information pertaining to each individual who directly or indirectly exercises substantial control or owns or controls 25 percent or more of the ownership interests of a NY Reporting Company (each, a “Beneficial Owner”) and the individuals involved in the NY Reporting Company’s formation or registration to do business in New York (each, an “Applicant”). Information reported to NY DOS will be maintained in a private database not accessible to the public. The NYLTA goes into effect on Jan. 1, 2026 and requires the NY DOS to promulgate regulations implementing the legislation.
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]