SEC Requests

In this episode of Ropes & Gray’s Fully Invested podcast series, asset management partner Jessica Marlin and capital markets counsel Marc Rotter discuss the rise of ‘34 Act funds and what sets them apart in today’s investment landscape. The conversation explores how these unique vehicles are expanding opportunities for asset managers and investors, and delves into the regulatory and structural features that distinguish them from traditional private funds. The episode provides insight into current market trends and practical considerations for sponsors and investors evaluating ‘34 Act fund structures, along with analysis of the broader impact these funds may have on the future of alternative investments.  Ropes & Gray provides a comprehensive suite of legal services for retail alternatives, including fund formation, registration and compliance, structuring of public-private investment solutions, tax planning, and ongoing regulatory and transactional support. For additional information, please visit our Alternative Retail Funds page, which includes a library of our thought leadership resources with insights on the latest market developments.  

On this episode of Fully Invested, asset management partners, Eric Requenez and Jessica Reece, along with Josh Lichtenstein, a benefits partner and head of the ERISA fiduciary practice, discuss collective investment trusts (CITs) as a compelling strategy for raising and investing money for asset managers. Due to their potential to tap into large sums of retirement assets, we expect CITs to continue growing in importance and sophistication in the coming years, especially in light of President Trump’s support for expanding 401(k) and defined contribution plan access to alternative investments. Ropes & Gray provides a comprehensive suite of legal services for retail alternatives, including fund formation, registration and compliance, structuring of public-private investment solutions, tax planning, and ongoing regulatory and transactional support. For additional information, please visit our Alternative Retail Funds page, which includes a library of our thought leadership resources with insights on the latest market developments.  

On this episode of Fully Invested, Ropes & Gray asset management partner Jessica Marlin and capital markets counsel Marc Rotter discuss ’34 Act Registered Private Funds. These funds register under the Securities Exchange Act of 1934 and disclose information publicly, while remaining exempt from the Investment Company Act of 1940. Jessica and Marc explore the funds’ features and differences in comparison to traditional private funds.

On this episode of Fully Invested, Ropes & Gray asset management partner Mike Doherty, along with associate Andrew Lawson, discuss regulatory considerations for “private equity operating companies” and other key features of these alternative investment vehicles.

In this episode of Fully Invested, Ropes & Gray asset management attorneys Nicole Krea, Jessica Marlin, and litigation & enforcement attorney Matt McGinnis introduce listeners to the contours and typical lifecycles of SEC examinations for registered investment advisers.

In this episode of Fully Invested, Ropes & Gray asset management attorneys Laurel FitzPatrick and Jessica Marlin introduce listeners to private credit funds and the different types of debt in which such funds invest. They further discuss how a credit fund’s underlying assets affect fund terms and structure.

In this episode of Fully Invested, Ropes & Gray asset management partners Marc Biamonte and Lindsey Goldstein introduce listeners to the “fund of funds” product, an alternative investment fund designed to invest in other privately offered alternative investment vehicles. They provide an overview of the different types of investments typically made by a fund of funds (primary, secondary and co-investment), the evolution of the fund of funds structure, and what both sponsors and investors should keep in mind when considering providing or investing in a fund of funds product.

In this episode of Fully Invested, Ropes & Gray asset management attorneys Molly Moore, Egan Cammack and Lindsey Jones provide an overview of key areas of focus for GCs and asset managers when negotiating and entering into derivatives transactions, including credit and counterparty risk, documentation, potential CFTC registration, and other regulatory considerations.

In this episode of Fully Invested, Ropes & Gray asset management attorneys Jason Brown, Bryan Hunkele, Joel Wattenbarger and Alyssa Horton provide a brief introduction to Form ADV, including the requirements for filing, timing considerations and the various components of the document.

In this episode of Fully Invested, Ropes & Gray asset management attorneys Mike Doherty and Jamie McGinnis discuss the “retailization” of private fund products. They provide an overview of products available to alternative asset managers in the marketplace; examine regulatory barriers to retail investment in private companies and private fund strategies; and, leveraging Jamie’s recent experience in the Division of Investment Management and as securities counsel at the U.S. House Committee on Financial Services, discuss the legal and regulatory outlook that may facilitate future retailization efforts.