Portfolio Valuations Valuation of Alternative Investments Given the difficulty of valuing illiquid assets and the potential for conflict of interest, hedge funds, private equity firms, and other investment managers and financial institutions are receiving greater attention from regulators, investors, auditors, politicians, and other industry participants, with the trend toward a…

AIFMD Requirements for Non-EU Managers As of July 22, 2013, the Alternative Investment Fund Managers Directive (“AIFMD”) became effective in the European Union (“EU”). While the directive impacts an EU Alternative Investment Fund Manager (“Manager”) managing and marketing an EU Alternative Investment Fund (“Fund”) immediately, we will now take a…

AIFMD – Professional Guarantee Requirement of External Valuer With the Alternative Investment Fund Managers Directive (“AIFMD”) having entered into force on July 22, 2013, Alternative Investment Fund Managers (“Managers”) are now responsible for establishing and maintaining appropriate procedures concerning the valuation of assets in the Alternative Investment Fund (“Fund”). In…

Interest in BDCs Continues to Grow Business Development Companies (“BDCs”), created by the Small Business Investment Incentive Act of 1980 to spur investment in smaller companies, are a type of closed-end fund that has exploded in popularity in recent years.BDCs generally make investments in private companies in the form of…

AIFMD – Year One Update The Alternative Investment Fund Management Directive (“AIFMD” or the “Directive”) became effective on July 23rd, 2013. Alternative Investment Fund Managers (“Managers”) of hedge funds, private equity funds, funds of funds and real estate funds had until July 22nd of this year to get authorization to…