Hinman to address key private fund issues

SEC director William Hinman will be fielding questions at next week’s conference; MJ Hudson releases a comprehensive ‘guide to secondaries’.

SEC interview At our CFOs and COOs conference next week, be sure to attend my keynote interview with the director of the SEC’s corporate finance division, William Hinman. No, Hinman’s division isn’t responsible for private funds, but he and chair Jay Clayton are said to be in lockstep on key issues. And in my chat with him today, it was clear he will be able to give some interesting insights on the potential influx of retail investment into private markets, given the agency’s desire to update the definition of ‘accredited investor’: what form the influx might take, what funds the SEC is hoping to see or is concerned about, compliance implications, and more. We’ll also talk about the commission’s intentions regarding ESG disclosures, and how the initiatives on proxy advisers could interact with private equity strategies. He’ll be taking questions, so you won’t want to miss that opportunity.

Guide to secondaries Alternative asset management consultancy MJ Hudson has released a guide on how to sell a fund interest and maximize price in an auction – more info on that here, courtesy of sister publication Secondaries Investor. The guide took a year to compile and includes:

  • a step-by-step checklist for potential sellers of fund stakes
  • details on how auctions processes are run
  • an outline of required documentation and tax and legal considerations
  • a model non-disclosure agreement and offer letter

This email was prepared by Graham Bippart