United States: Fund Management/ REITs

The Institutional Limited Partners Association has launched and updated four principal reporting templates following the Fifth Circuit's vacation of the SEC's Private Fund Adviser Rules, reimposing transparency and comparability objectives through contractual frameworks. These templates standardize fund economics, performance metrics, capital activity and portfolio company reporting, creating new compliance considerations for fund sponsors navigating investor reporting obligations.

Swiss fund marketing rules differ significantly from EU regimes, offering US fund managers flexibility in pre-marketing activities while imposing specific registration requirements for formal marketing...

Business development companies have evolved sophisticated financing structures spanning subscription facilities, asset-based lending, CLO issuances, and structured credit products.

The 21st Century ROAD to Housing Act introduces sweeping restrictions on large institutional investors purchasing single-family homes, fundamentally altering the landscape for Single-Family Rental REITs. While the controversial seven-year forced divestiture has been removed, the legislation creates new compliance obligations and carves out specific exceptions for build-to-rent developments, senior housing, and homeownership programs. How will these provisions reshape acquisition strategies and growth opport

The SEC's Division of Investment Management is considering rule amendments that would allow investment advisers to charge performance-based fees to a broader range of clients beyond the current "qualified client" threshold. This potential regulatory shift could dramatically expand retail investor access to private markets through registered funds and fundamentally reshape the competitive landscape for fund managers who have previously been deterred by performance fee restrictions.

Co-investment transactions are often marketed as "no fee, no carry" opportunities, but this label can mask a complex web of ancillary charges that passive investors may not anticipate. From administrative fees and broken deal expenses at the vehicle level to monitoring, transaction, and exit fees charged directly to portfolio companies, the true cost of co-investing extends far beyond the headline terms. Understanding where these fees are charged and how they differ from traditional fund structures is essen

Geopolitical volatility and the desire for defense resilience are creating a powerful new investment cycle, with governments looking to mobilize private capital to scale industrial capacity.

The Supreme Court's landmark decision in FS Credit Opportunities Corp. v. Saba resolves a critical circuit split regarding Section 47(b) of the Investment Company Act of 1940, determining whether activist investors can bring private lawsuits to rescind fund contracts based on alleged regulatory violations. This ruling fundamentally reshapes the litigation landscape for registered investment companies, their directors, and service providers by clarifying the boundaries of federal enforcement mechanisms versu

The U.S. Supreme Court has ruled that Section 47(b) of the Investment Company Act does not create an implied private right of action for rescission, fundamentally reshaping how fund governance measures can be challenged in federal court. This landmark decision narrows federal litigation pathways for activists while elevating the importance of SEC enforcement, state-law claims, and meticulous board governance practices.