Strictly Business
A legal blog on private funds, startups, and venture capital.
Strictly Business
A legal blog on private funds, startups, and venture capital.
Due Diligence for Buying a Business 101 – Part 4: Operational Due Diligence
Previously, I wrote about the need for the purchaser of a business to conduct due diligence on its prospective acquisition target. As I discussed, due diligence on a business can be split into three sections: legal, financial, and operational. This…
Should private funds be exempt from the ban on general solicitation?
The Managed Funds Association recently submitted a comment letter to the Securities and Exchange Commission dated January 6, 2012 requesting the SEC to amend Rule 502(c) of Regulation D to exempt private funds, such as hedge funds, private equity funds,…
Due Diligence for Buying a Business 101 – Part 3: Financial Due Diligence
Previously, I wrote about the need for the purchaser of a business to do due diligence on its prospective acquisition target. As I discussed, due diligence on a business can be split into three sections: legal, financial, and operational. This…
Indiana Securities Division Updates Its Private Fund Exemption to Include Non-Venture Capital Funds
In August 2011, the Indiana Securities Division issued an Administrative Order updating its venture capital exemption from investment adviser registration under the Indiana Uniform Securities Act to harmonize its provisions with the new venture capital exemption in the Dodd-Frank Act.…
What are “regulatory assets under management” and why does a private fund adviser need to determine them?
Because of the investment adviser registration requirements and exempt reporting adviser filing requirements under the Investment Advisers Act 1940 as well as the enhanced reporting required of some private fund advisers to file Form PF, private fund advisers must make…
Due Diligence for Buying a Business 101 – Part 2: Legal Due Diligence
Previously, I wrote about the need for the purchaser of a business to do due diligence on its prospective target. As I previously discussed, due diligence on a business can be split into three sections: legal, financial, and operational. This…
Due Diligence for Buying a Business 101 – Part 1: Introduction
Buying a business is a high stakes matter. What makes the process even more nerve-wracking is that a business is different from just about any other asset one can buy. When someone purchases a piece of real estate, a car,…
Working Effectively with Your Lawyer: Don’t “Recycle” Legal Work
Recycling is generally considered a good thing when it comes to trash. It helps the environment and conserves resources. However, in the context of legal work, it is not such a good thing. Of course, when I use the word…
Massachusetts Schedules Public Hearing on Proposed Regulations on Private Fund Managers
Previously, I posted a summary of the status of state investment advisor registration requirements for private fund managers in the Northeast in wake of adoption of the Dodd-Frank Act. Massachusetts currently provides an exemption for investment advisers who only advise sophisticated…