United States: Fund Management/ REITs

The SEC has issued a series of no-action letters and proposed rules that are reshaping the regulatory framework for business development companies and closed-end funds. From co-investment relief extensions to potential blue sky preemption, these developments signal a notable shift in the agency's approach to fund regulation and capital formation.

Payment-in-kind (PIK) interest allows fund borrowers to defer cash interest payments by converting them into additional principal obligations, offering a powerful liquidity management tool for private equity and real estate investment funds. This analysis examines the strategic considerations, tax implications, and regulatory guardrails that both borrowers and lenders must evaluate when implementing PIK interest provisions in subscription and NAV facilities. From leverage covenant compliance to interest rat

General partners executing continuation vehicle transactions in 2026 navigate a complex landscape shaped by regulatory uncertainty following the Fifth Circuit's vacatur of the Private Fund Advisers Rule, ILPA's increasingly prescriptive governance framework, and emerging private litigation risk. How can GPs build defensible process architecture that balances fiduciary obligations, institutional investor expectations, and commercial realities while minimizing post-closing exposure?

Family offices investing in private funds face complex legal considerations that vary significantly across hedge funds, private equity, venture capital, and private credit strategies. Understanding how to structure efficient legal reviews, negotiate protective side letter provisions, and tailor diligence to each fund category can transform legal oversight from a cost center into a strategic advantage that protects capital and preserves long-term family interests.

While most of private equity chases a tiny slice of large companies, the smaller end of the market remains structurally under-capitalized, creating exactly the supply-and-demand imbalance that disciplined investors...

Private capital markets are experiencing a fundamental transformation as businesses increasingly turn to flexible, tailored financing solutions amid macroeconomic uncertainty and geopolitical shifts. From record-breaking private credit fundraising to emerging opportunities in sports investments and data center infrastructure, institutional investors are reshaping how capital flows across borders and asset classes. What strategic insights will define success as private markets enter this new era of sharper,

The Supreme Court has resolved a critical question about shareholder rights under the Investment Company Act of 1940, determining whether investors can directly sue to void fund contracts they believe violate federal law.

On June 11, 2025, the U.S. Supreme Court decided FS Credit Opportunities Corp., et al. v. Saba Capital Master Fund, Ltd., et al. (24-345), holding that Section 47(b) of the Investment Company Act of 1940 (ICA) does not create an implied right of action for rescission.

The SEC rescinded Rule 202.5(e), which had codified the SEC rule requiring settling parties to agree that they would not publicly deny the SEC’s allegations. The change brings the SEC in line with the majority of federal agencies, including the CFTC which announced a similar change in early June. New language reflecting the change is already appearing in SEC orders.