The Managed Funds Association put together a Model Due Diligence Questionnaire for Hedge Fund Investors (.pdf). This questionnaire was designed to identify the kinds of questions that a potential investor may wish to consider before investing in a Hedge Fund. The questions that may help amplify on or provide additional details to the disclosure in … Read more »
Category: Private Investment Funds
Sound Practices for Hedge Fund Managers
The Managed Funds Association updated its Sound Practices for Hedge Fund Managers (.pdf) in November, 2007 in response to the initial drafts of the President’s Working Group on Financial Markets. The objectives of Sound Practices are to: Strengthen business practices of the hedge fund industry through a strong framework of internal policies and practices Encourage … Read more »
What is a Hedge Fund?
The President’s Working Group on Financial Markets Report of the Asset Managers’ Committee uses this as a definition of “hedge fund.” By “hedge fund” we mean a pooled investment vehicle that generally meets most, if not all, of the following criteria: (i) it is not marketed to the general public (i.e., it is privately offered), … Read more »
Draft SEC Filings Can Be Protected From Discovery
In a January 9, 2009 order, Magistrate Judge Morton Denlow of the US District Court for the Northern District of Illinois ruled that Aon was not required to produce an email seeking comments on draft disclosure language for Aon’s Form 10-K because it was protected by the attorney-client privilege. Magistrate’s Opinion and Order in Roth … Read more »
New York State Bar Position on Carried Interest
Besides the position of Professor Bankman on carried interest, the New York State bar submitted a very detailed report and recommendations to the House Committee on Oversight and Government Reform: New York State Bar Tax Section Report on Carried Interest and Fee Deferral Legislation (.pdf) September, 2008 Read more »
Joseph Bankman Testimony on Hedge Fund Tax Treatment
The House Committee on Oversight and Government Reform held a hearing on hedge funds and the financial market on November 13, 2008. Among those testifying was Professor Joseph Bankman, the Ralph M. Parsons Professor of Law and Business at Stanford Law School: Testimony of Joseph Bankman. Professor Bankman points out that the carried interest of … Read more »
Starting a Green Real Estate Fund
Lisa Michelle Galley of the Our Green Journey blog and Galley Eco Capital posts her notes from a panel of green real estate fund managers about why investors and development partners want these funds and the do’s and dont’s for building a green fund. Does commercial real estate need pure green real estate funds? Green … Read more »
Ohio Retirement System Lobbyist
Ohio requires registration and annual filings if you are a Retirement System Lobbyist. See Ohio Revised Code §101.90. According to the law, it seems that any replacement agent hired by an investment fund is subject to registration if that agent discussed an investment offering with the Ohio retirement system. Retirement system lobbyist means any person … Read more »
Strategies for Responding to Liquidity Needs of Investors in Real Estate Funds
Goodwin Procter put together a great piece on Strategies for Responding to Liquidity Needs of Investors in Real Estate Funds. As a result of the current economic downturn and global economic credit crisis, some investors find themselves over-allocated to investments in private real estate funds because their private real estate investments have not been written … Read more »
New York Public Pension Funds’ Regulation No. 85
The Superintendent of Insurance of the State of New York promulgated the Second amendment to Part 136 of Chapter IX of Title 11 of the Official Compilation of Codes, Rules and Regulations of the State of New York (Regulation No. 85) (.pdf) in October 0f 2008. The regulation is intended to have the business of … Read more »