The Investment Company Act of 1940 potentially imposes significant regulatory burdens on investment funds. To avoid these constraints, most private equity, venture capital, and hedge funds rely on exemptions under either Section 3(c)(1) or Section 3(c)(7). However, a fund utilizing the Section 3(c)(1) exemption may eventually approach its investor limit (100 or 250, depending on the circumstances) while still seeking to accept new investors. Similarly, a Section 3(c)(7) fund may wish to admit investors who do not qualify as "qualified purchasers."
This program will provide an in-depth exploration of the Section 3(c)(1) and 3(c)(7) exemptions, how to count investors under such exemptions, and discuss how fund sponsors can establish parallel funds to accommodate different investor bases while maintaining regulatory compliance. The discussion will also cover key structuring considerations, potential legal pitfalls, and best practices for fund managers.
This program is designed for fund formation attorneys, as well as in-house counsel at asset managers and investment firms.
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Evidence Demystified Part 1 introduces core evidentiary principles, including relevance, admissibili...
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Evidence Demystified Part 2 covers key concepts in the law of evidence, focusing on witnesses, credi...
Designed for beginning estate planning attorneys, this comprehensive course provides a practical fou...
Part 2 - This program will continue the discussion from Part 1 focusing specifically on cross?examin...