Firm News
Westport Capital Partners Raises $1.3 Billion in GP-Led Secondary
May 2021
Schulte represented Westport Capital Partners II L.P. in a GP-led secondary transaction to provide liquidity to existing investors while simultaneously raising growth capital for a portfolio company through a newly established continuation fund. Together with the continued investment by existing investors who chose not to receive liquidity in the transaction, the continuation fund raised over $1.3 billion, exceeding its original hard cap.
The Schulte team advising Westport was led by investment management partner Joseph A. Smith, special counsel Daniel Daneshrad and tax partner Elie Zolty. The team also included investment management associate Jennifer Carl Brickfield and law clerk Katherine Priester; tax associates Olesia Zakon and Michael Jaroslawicz; and former Schulte lawyer Gabriela Figueras.
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Alerts
On Jan. 1, 2025, Massachusetts Governor Maura Healey signed H4840,[1] also known as the Massachusetts Money Transmission Act (“MTA”), into law.[2] The MTA, closely modeled on the Money Transmission Modernization Act (“Model Law”), replaces the state’s previous laws governing the sale of checks and money transmission by non-banks. Historically, Massachusetts regulated only the sale and issuance of checks or money orders under Chapter 167F(4) (“Sale of Checks Law”) and foreign (cross-border) money transmission under Chapter 169 of the Massachusetts General Laws (“Foreign Transmittal Law” and collectively, the “Existing Laws”).[3] The new law significantly expands the authority of the Massachusetts Division of Banks (“DOB”) to regulate additional activities, namely domestic money transmission and the issuance and sale of stored value, neither of which are regulated under the Existing Laws.[4] As a result, entities engaging in money transmission activities in Massachusetts and not previously licensed under the Existing Laws will be required to obtain a money transmission license from the DOB.[5] Licensees operating under the Existing Laws will have their licenses converted to the license under the new MTA law as part of the license renewal process in 2025. The MTA is set to take effect on Oct, 1, 2025.[6]
Alerts
On Jan. 10, 2025, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed interpretive rule designed to clarify how the Electronic Fund Transfer Act (“EFTA”) and its implementing regulation, Regulation E, apply to modern digital payment systems (the “Proposed Rule”).[1] The Proposed Rule aims to ensure that the protective measures of Regulation E extend to consumers using digital wallets, payment apps, gaming platforms, and digital assets such as stablecoins.
Alerts
On Jan. 10, 2025, the Consumer Financial Protection Bureau (“CFPB”) issued a notice and request for information (“RFI”) regarding the collection, use, sharing and protection of consumer financial data by companies offering or providing consumer financial products or services, such as data obtained from payments.[1] The CFPB is requesting public input on the nature and impact of these data collection practices in relation to existing privacy laws, specifically the Gramm-Leach-Bliley Act (“GLBA”) and its implementing Regulation P.[2]
Alerts
In our Autumn Budget Statement 2024 webinar on 5th November[1], we discussed the government’s proposals for a revised regime for the taxation of carried interest in the UK, to be introduced with effect from April 2026. HM Treasury is now undertaking a technical consultation on the proposed regime, which focuses on how the line should be drawn between carried interest, which is income-based carried interest (“IBCI”), and ‘qualifying’ carried interest, which is non-IBCI.[2]
Alerts
On Jan. 10, 2025, the Federal Trade Commission (“FTC”) announced increased reporting thresholds under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”) and an amended HSR filing fee schedule. The revised HSR thresholds and filing fee schedule will apply to all transactions that close on or after 30 days following the publication of the notice in the Federal Register. The minimum size-of-transaction threshold was increased from $119.5 million to $126.4 million. Acquisitions below this threshold will not be reportable.
Alerts
On Jan. 1, 2025, Massachusetts Governor Maura Healey signed H4840,[1] also known as the Massachusetts Money Transmission Act (“MTA”), into law.[2] The MTA, closely modeled on the Money Transmission Modernization Act (“Model Law”), replaces the state’s previous laws governing the sale of checks and money transmission by non-banks. Historically, Massachusetts regulated only the sale and issuance of checks or money orders under Chapter 167F(4) (“Sale of Checks Law”) and foreign (cross-border) money transmission under Chapter 169 of the Massachusetts General Laws (“Foreign Transmittal Law” and collectively, the “Existing Laws”).[3] The new law significantly expands the authority of the Massachusetts Division of Banks (“DOB”) to regulate additional activities, namely domestic money transmission and the issuance and sale of stored value, neither of which are regulated under the Existing Laws.[4] As a result, entities engaging in money transmission activities in Massachusetts and not previously licensed under the Existing Laws will be required to obtain a money transmission license from the DOB.[5] Licensees operating under the Existing Laws will have their licenses converted to the license under the new MTA law as part of the license renewal process in 2025. The MTA is set to take effect on Oct, 1, 2025.[6]
Alerts
On Jan. 10, 2025, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed interpretive rule designed to clarify how the Electronic Fund Transfer Act (“EFTA”) and its implementing regulation, Regulation E, apply to modern digital payment systems (the “Proposed Rule”).[1] The Proposed Rule aims to ensure that the protective measures of Regulation E extend to consumers using digital wallets, payment apps, gaming platforms, and digital assets such as stablecoins.
Alerts
On Jan. 10, 2025, the Consumer Financial Protection Bureau (“CFPB”) issued a notice and request for information (“RFI”) regarding the collection, use, sharing and protection of consumer financial data by companies offering or providing consumer financial products or services, such as data obtained from payments.[1] The CFPB is requesting public input on the nature and impact of these data collection practices in relation to existing privacy laws, specifically the Gramm-Leach-Bliley Act (“GLBA”) and its implementing Regulation P.[2]
Alerts
In our Autumn Budget Statement 2024 webinar on 5th November[1], we discussed the government’s proposals for a revised regime for the taxation of carried interest in the UK, to be introduced with effect from April 2026. HM Treasury is now undertaking a technical consultation on the proposed regime, which focuses on how the line should be drawn between carried interest, which is income-based carried interest (“IBCI”), and ‘qualifying’ carried interest, which is non-IBCI.[2]
Alerts
On Jan. 10, 2025, the Federal Trade Commission (“FTC”) announced increased reporting thresholds under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”) and an amended HSR filing fee schedule. The revised HSR thresholds and filing fee schedule will apply to all transactions that close on or after 30 days following the publication of the notice in the Federal Register. The minimum size-of-transaction threshold was increased from $119.5 million to $126.4 million. Acquisitions below this threshold will not be reportable.
Alerts
On Jan. 1, 2025, Massachusetts Governor Maura Healey signed H4840,[1] also known as the Massachusetts Money Transmission Act (“MTA”), into law.[2] The MTA, closely modeled on the Money Transmission Modernization Act (“Model Law”), replaces the state’s previous laws governing the sale of checks and money transmission by non-banks. Historically, Massachusetts regulated only the sale and issuance of checks or money orders under Chapter 167F(4) (“Sale of Checks Law”) and foreign (cross-border) money transmission under Chapter 169 of the Massachusetts General Laws (“Foreign Transmittal Law” and collectively, the “Existing Laws”).[3] The new law significantly expands the authority of the Massachusetts Division of Banks (“DOB”) to regulate additional activities, namely domestic money transmission and the issuance and sale of stored value, neither of which are regulated under the Existing Laws.[4] As a result, entities engaging in money transmission activities in Massachusetts and not previously licensed under the Existing Laws will be required to obtain a money transmission license from the DOB.[5] Licensees operating under the Existing Laws will have their licenses converted to the license under the new MTA law as part of the license renewal process in 2025. The MTA is set to take effect on Oct, 1, 2025.[6]