Winston Attorneys Author “Alternative Funds 2024 — USA” Chambers Global Practice Guide

This article was originally published in Chambers and Partners Global Practice Guide “Alternative Funds 2024 — USA.” Reprinted with permission. Any opinions in this article are not those of Winston & Strawn or its clients. The opinions in this article are the authors’ opinions only.

Abstract

The Alternative Funds 2024 USA Law & Practice

The Alternative Funds 2024 USA Law & Practice article provides a comprehensive overview of the current legal and regulatory framework governing alternative funds, including private equity and hedge funds, in the United States. In particular, the article highlights:

• key trends, including the increasing complexity of the regulatory landscape with new rules from the SEC and other authorities
• regulatory regime for alternative funds including compliance with the Securities Act, Investment Company Act, Advisers Act, Commodity Exchange Act, and ERISA, as well as important tax considerations
• disclosure and reporting requirements for investment advisers, as well as specific filing requirements for CPOs and CTAs

Overall, the article serves as a valuable resource for understanding the current state and future outlook of the alternative funds industry in the USA, providing insights into investment strategies, compliance requirements, and tax structuring.

The Alternative Funds 2024 USA Trends & Developments

The Alternative Funds 2024 USA Trends & Developments article provides an in-depth analysis of the evolving landscape of alternative funds, including private equity and hedge funds, in the United States. In particular, the article covers:

• the rise of GP-led secondaries, which have become a mainstay in the private funds sector, offering liquidity solutions through the formation of new continuation vehicles capitalized by new limited partners
• Small Business Investment Company (SBIC) program, which has seen a significant increase in applications from venture capital and private equity funds. This program, regulated by the U.S. Small Business Administration, provides capital to small independent businesses and includes various types of SBICs such as leveraged regular debenture funds, accrual debenture funds, reinvestor funds, and unleveraged funds
• the evolving regulatory landscape for private funds, including new rules and regulations from the U.S. Securities and Exchange Commission (SEC) and other authorities
• key regulatory trends including the invalidation of the Private Fund Adviser Rules by the United States Court of Appeals for the Fifth Circuit, the adoption of new rules expanding the definition of a "dealer," and amendments to Regulation S-P and the QPAM exemption

Overall, this article provides a comprehensive overview of the current state and future outlook of the alternative funds industry in the USA, emphasizing the importance of regulatory compliance and the opportunities presented by new fund structures and investment strategies.