Worldwide: Fund Finance

Trump v. California: On August 24, 2026, the U.S. Supreme Court paused an injunction issued by the U.S. District Court for the District of Massachusetts and allowed the Trump administration to move forward with implementation of a March 2026 executive order affecting mail voting in 23 states and the District of Columbia.

On March 19, 2026, the federal banking agencies issued a package of proposed changes to the regulatory capital requirements for banking institutions of all sizes, from the largest GSIBs and super-regional banks to community banks. This package of proposals (the “Proposed Rules”) is a second full attempt at implementing the 2017 “Basel III Endgame” international framework—following the agencies’ initial package of proposals in July 2023 (the “2023 NPR”)—to better reflect credit, trading and operational risk in the calculation of regulatory capital ratios.

Welcome to the fifth edition of the Private Markets Update, a report in which our cross-border, multidisciplinary team of private capital advisers shares insights on the latest...