Finally, Some Good News for Private Fund Placement Agents

Private fund managers who are registered investment advisers may now have greater flexibility in entering into and disclosing arrangements with finders who solicit and refer prospective fund investors. However, that flexibility is dependent upon the finder solely soliciting for a private fund rather than for other investment arrangements (such as managed accounts) that the manager may offer. In a guest article, Debevoise & Plimpton partner Kenneth J. Berman analyzes the recently-issued SEC staff interpretive letter clarifying the application of the cash solicitation fee rule under the Investment Advisers Act of 1940.

To read the full article

Continue reading your article with a HFLR subscription.