The Law of Private Investment Funds

by Timothy Spangler

Overview

The new edition of The Law of Private Investment Funds offers a practical analysis of the legal and regulatory issues that arise in connection with the structuring, formation, and operation of private investment funds, including hedge funds, private equity funds, real estate funds, and other non-retail collective investment vehicles. The book provides a unique analysis of these funds on a pan-asset class basis, as well as from a US, UK, and European perspective. The themes of investor protection and fiduciary challenge are considered in the context of the various sources available for investor protection including the substantive rights and obligations under general law, and voluntary and statutory rights of regulation. The author considers the various aspects of running private investment funds against the backdrop of regulation and investor protection. Issues such as structuring and launching, and marketing private investment funds are considered in full. The author also looks at the governance challenge where limited partnerships and offshore companies are concerned. The book identifies governance as a key issue for private investment fund participants and discusses in depth several ways in which managers and fund participants can improve the governance of their funds. In addition it analyses the consequences and impact of the recent global financial crisis on private funds, and the response of the US, UK, and European regulators. The new edition includes increased coverage of best practice and industry guidelines, including the ILPA Guidelines for private equity funds, and the MFA's Best Practices for hedge funds. It also provides discussion of new regulatory regimes in the US and EU, including the Dodd Frank Act and AIFMD.

Product Details

ISBN-13:	9780191635236
Publisher:	OUP Oxford
Publication date:	09/06/2012
Sold by:	Barnes & Noble
Format:	eBook
File size:	2 MB

About the Author

Timothy Spangler is a Partner at Sidley Austin LLP, where he regularly advises sponsors on the formation, structuring, and negotiation of a wide variety of investment vehicles, as well as on the full spectrum of securities and regulatory issues typically associated with such transactions. He has worked on a wide range of funds, including hedge funds, private equity funds, venture capital funds, funds of funds, and funds investing in particular countries or sectors. Such vehicles have been formed in numerous jurisdictions, including the United States, the United Kingdom, the Cayman Islands, the Channel Islands, the Isle of Man, Bermuda, Mauritius, the Netherlands, Luxembourg, Germany, and Ireland. His clients have included a full range of parties associated with funds - promoters, managers, advisers, and investors. In designing a fund, he is familiar with both the range of structures available (e.g., corporations, partnerships, limited liability companies, trusts) and the types of transaction that may be undertaken during the life of a fund (e.g., considerations relating to exit routes and liquidity). Mr. Spangler advises regularly on the ongoing compliance obligations of investment management firms under the U.S. Investment Advisers Act of 1940 and the Financial Services and Markets Act 2000. He also advises fund sponsors and promoters with respect to their internal partnerships, co-investment arrangements and personal investments. In addition, he represents, on a selective basis, potential investors in private investment funds. He speaks and writes regularly on issues related to private investment funds and alternative asset classes. He is a member of the Private Investment Fund Committee of the Association of the Bar of the City of New York. He also serves as Research Associate with the Edhec Risk and Asset Management Research Centre, focusing on international hedge fund regulation.

Table of Contents

1. Introduction to Private Investment Funds
2. Marketing Private Investment Funds
3. Taxation of Private Investment Funds
4. The Legal Duties Arising from the Provision of Investment Advisory and Management Services
5. The Regulatory Duties Arising from the Provision of Investment Advisory and Management Services
6. Governance Issues in Partnerships Used as Private Investment Funds
7. Governance Issues in Offshore Companies used as Private Investment Funds
8. Investor Protection Failures in Private Investment Funds
9. US and EU Regulatory Responses to the Global Financial Crisis
10. Self-Regulation and Private Actors
11. Side-Letters as a Means of Mitigating the Governance Challenge
12. Board of Directors Composition as a Means to Mitigating the Governance Challenge
13. Listings of Private Investment Funds as Means of Mitigating the Governance Challenge
14. Evaluating and Implementing Private Monitoring Solutions
15. Litigation and Enforcement involving Private Funds after the Global Financial Crisis
16. The Global Frontiers of Private Investment Funds
17. Towards a Unified Theory for Private Investment Funds