The Law of Private Investment Funds

This book provides the clearest, most concise analysis available on the legal and regulatory issues arising in connection with private investment funds. It advises legal practitioners on the structuring, formation, and operation of a range of asset classes, including hedge funds, venture capital funds, private equity funds, and real estate funds.

Now in its third edition, The Law of Private Investment Funds provides the clearest and most concise dual US/UK and pan-asset analysis available on the legal and regulatory issues that arise in connection with private investment funds. The book advises legal practitioners on the structuring, formation, and operation of a range of asset classes, including hedge funds, private equity funds, real estate funds, and other non-retail collective investment
vehicles.
This edition has been thoroughly revised to reflect the numerous and significant developments in financial services regulation on both sides of the Atlantic since the publication of the second edition. More elements of the Dodd Frank financial regulatory reforms, which increased the scope and reach of regulation applicable to private funds, have been implemented and commented on in this edition. In relation to European regulation, the impact of the commencement of the Alternative Investment
Fund Manager Directive (AIFMD) has also now been analysed.

The US/UK approach is maintained, but this edition now also includes consideration of third countries, particularly the Middle East and Asia. An entirely new chapter is dedicated to litigation and regulatory enforcement, and significant treatment is given to the effects of the Global Financial Crisis, in particular the regulatory response and the changes to negotiating leverage of fund managers and fund investors. The potential impact of 'Brexit' on the United Kingdom private funds industry and
the future of the AIMFD and European private funds is also examined.

Overall, this book provides an excellent summary of the relevant regulations pertaining to private investment funds in the UK and US, along with an interesting methodology towards investor protection by way of private monitoring solutions. The area of fund governance is an often-ignored topic that deserves greater prominence both academically and in practice. ... the chapters comprise an insightful and erudite window into the law and governance of private investment funds. This book would be especially valuable to any researchers or students in the field as well as presenting an essential introduction for funds lawyers and practitioners commencing their careers in the world of private investment funds.

Autorentext

Timothy Spangler is a Partner in the Financial Services Group at Dechert LLP, a leading international law firm. He regularly advises sponsors on the formation, structuring and negotiation of a wide variety of private investment funds.

He is admitted to practice in New York and California, and is also a practicing English solicitor. He earned his PhD in Law at the London School of Economics. Timothy has worked on a wide range of funds, including hedge funds, private equity funds, venture capital funds and funds of funds. His clients have included a full range of parties associated with private funds - promoters, managers, advisers and investors.

Inhalt

• 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