Can a Non-U.S. Banking Entity Invest in a Foreign Fund Organized by a Private Equity or Hedge Fund Manager That Offers a Parallel Fund to U.S. Persons?

Can a non-U.S. banking entity invest in a foreign fund organized by a non-bank sponsor (such as a private equity or hedge fund manager) that contemporaneously offers a parallel covered fund to U.S. persons?  The short answer – according to 15 of the top law firms active in the private funds space – is yes.  Here is why.

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