News & Analysis

Borrowing for your SMA; SEC signal

Fried Frank on what to consider when taking out a sub line for an SMA; RCW digs into recent SEC settlements against private funds; Repost of 17Capital guest column, with link.

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Sub lines and SMAs: The use of separately-managed accounts for fund investors has surged in the last decade. Fried Frank lawyers take a look at the need for bespoke terms on subscription lines for SMAs in this guest article.

MNPI: A while back our colleagues at Regulatory Compliance Watch wrote about the settlement between Ares Management and the Securities and Exchange Commission over alleged material non-public information abuses. Bill Myers finds that in recent SEC actions against private funds, there are some variances, but one clear signal.

Repost, with link this time: The preferred equity financer and NAV lender Augustin Duhamel discusses how portfolio finance has developed in recent years, how it can be of use in the current environment, financing for LPs and the future of the portfolio finance market in this guest column.

Email prepared by Graham Bippart