Private Funds

Attorneys in Cohen & Gresser’s fund practice have a wealth of experience advising hedge fund and other alternative asset managers on all aspects of their business. We understand the challenges inherent in each stage of the life cycle of a fund manager and its funds, and we tailor our solutions to each client’s unique needs. Our team has decades of experience in fund regulation, transactions, real estate, litigation, and regulatory compliance, and is led by the former general counsel of a premier diversified UK hedge fund manager. He also advised on the first NYSE hedge fund manager IPO and held several other senior in-house positions in financial services firms in the UK, U.S., and Spain. We are well-versed in complexities that arise in cross-border matters, and work cohesively across practice areas and geographies. Our comprehensive representation includes:

Design, structure, and formation of funds
Manager set up, including structure, fee arrangements, staff compensation and employment arrangements
Supporting transactions entered into by funds, including private credit, real estate and private equity
Fund counter-party documentation, including prime brokerage and trading documents
Side letters and negotiations with investors (especially for private-equity style funds)
Fund regulation, including relating to the EU’s Alternative Investment Fund Managers Directive (AIFMD) and MiFID II, and the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisors Act of 1940, among others
Inside information/MNPI issues in the U.S. and Europe
Conducting internal investigations
Defending prosecutions and investigations by both U.S. and UK regulators
Disputes among partners
Crafting compliance policies and procedures, both proactively and in response to inquiries from regulators
Analysis of take-over terms and regulation, covenants and default provisions

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Coverage of Cohen & Gresser's London Office Opening

June 1, 2018 | News

The opening of Cohen & Gresser's London office was featured in the following articles:

"NYC's Cohen & Gresser Launches in London," The American Lawyer
"Cohen & Gresser Taps Fund Manager GC To Head New Office," Law360.com
"Cohen & Gresser Launches in London, Hires Bronheim," The Drawdown

Cohen & Gresser Opens London Office

May 24, 2018 | News

Cohen & Gresser announces its continued international expansion with the launch of its London office on June 1, 2018. The office, which will be the firm’s fifth location globally and its second in Europe, will serve clients in all aspects of the investment industry, including hedge funds, private equity and venture capital funds, investors, and management companies. It will also focus on transactional work, cross-border litigation, and investigations.

Second Chances? What the Neil Woodford Matter Tells Us about the FCA Fit & Proper Test

March 18, 2021 | Publication

Can an individual with a recent regulatory history resume a role in the financial services industry, and, if so, what is the process? This client alert discusses the FIT Test (as applied both by the FCA and firms under the SMCR), explores how the FCA will approach the authorisation process in non-routine cases, and offers practical guidance for individuals seeking to have such an application approved by the FCA.

Settling Section 16(b) Short Swing Claims: Who Gets a Seat at the Table?

January 26, 2021 | Publication

Daniel H Tabak and Drew S Dean discuss the opinion of Magistrate Judge Gorenstein of the Southern District of New York in Revive Investing LLC v. FBC Holdings S.A.R.L. After finding that a prior settlement agreement between the defendant and different plaintiffs was valid and contained a release that precluded the claim at issue, Judge Gorenstein recommended the grant of summary judgment to the defendant in a Section 16(b) “short-swing profit” action. Dan and Drew go on to explore the future implications of Judge Gorenstein’s opinion and explain what this will mean for Section 16(b) litigants going forward.

Second Circuit Gives Guidance on Section 16 “Short-Swing” Profits with Possible Implications for Hedge Funds

June 1, 2020 | Publication

Daniel H Tabak and Drew S Dean discuss the Second Circuit's dismissal of the Section 16 "short-swing profit" claims against the client of an investment advisory firm that was itself subject to Section 16(b) liability in Rubenstein v. Int’l Value Advisers, LLC. They go on to examine the question of whether a family of hedge funds with a combined holding of over 10% of an issuer may similarly avoid short-swing trading liability under Section 16 even if the funds are all managed by the same advisor.

The Consequences of LP Defaults Due to Capital Calls

May 11, 2020 | Publication

Jeffrey M Bronheim, Daniel H Mathias, and James R Mossetto discuss the impact of the COVID-19 pandemic on private equity funds, noting that investor uncertainty and the need to preserve cash may drive limited partners (“LPs”) to question their obligations to fund capital calls.

Limited Partner Defaults in Private Equity Funds

May 7, 2020 | Publication