Publications
Private Funds — Market Trends Report
May 13, 2020
In March 2020, we described a range of fundraising alternatives and practicalities for consideration by private fund managers seeking to raise new capital amid the COVID-19 dislocation.[1] Since then, we have worked with a number of clients to assess and pursue fundraising initiatives. Unfortunately, the pandemic is not yet over, but its effects and the response of certain categories of managers and investors are becoming better understood. With this in mind, we now refresh our earlier note with our views on the fundraising outlook and developing market trends.
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This SRZ publication was authored by Phillip J. Azzollini, Stephanie R. Breslow, Emily Brown, Brian T. Daly, Josh Dambacher, Jennifer M. Dunn, David J. Efron, Marc E. Elovitz, Christopher Hilditch, Daniel F. Hunter, Jason S. Kaplan, Anna Maleva-Otto, Peter G. Naismith, David Nissenbaum, Paul N. Roth, Stephen M. Schauder, Phyllis A. Schwartz, Joseph A. Smith, Craig Stein, Thomas R. Weinberger and Boris Ziser, with the thoughtful input of other members of the SRZ Market Conditions Working Group.
If you have any questions concerning this publication, please contact your attorney at Schulte Roth & Zabel or one of the authors.
Please see our other Schulte Roth & Zabel Alerts relevant to investment managers, posted on our COVID-19 Resource Center, available here.
[1] See SRZ Publication, “Private Funds — Ideas for Raising New Capital During the COVID-19 Dislocation,” March 26, 2020, available here.
This is a fast-moving topic and the information contained in this Alert is current as of the date it was published.
This communication is issued by Schulte Roth & Zabel LLP and Schulte Roth & Zabel International LLP for informational purposes only and does not constitute legal advice or establish an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. ©2020 Schulte Roth & Zabel LLP and Schulte Roth & Zabel International LLP.
All rights reserved. SCHULTE ROTH & ZABEL is the registered trademark of Schulte Roth & Zabel LLP.
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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.
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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]
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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]
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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]