For many emerging fund managers, exempt reporting adviser (“ERA”) status is the best starting point. However, many fund managers mistakenly assume they should start off as a registered investment adviser (“RIA”) or should remain an ERA even after their activities and strategies change. The question first arises at Fund I, but it’s a recurring question...
Chris Barsness
December tends to pull private fund managers in several competing directions whether it be portfolio companies needing attention, investors wanting year end reporting, valuations needing to be finalized, auditors beginning their work, and the management company considering about what comes next. These competing interests make the year end a particularly useful time to ask a...
During an initial client consultation with fund managers, one of the first questions we ask is deceptively simple: “How large do you want the fund to be” or “How much are you raising?” When we ask why, the conversation can quickly become very interesting as the target set by the fund manager can be driven...
Despite the launch of Bitcoin in 2009, the SEC finally built the first framework for the crypto asset class through its August 18, 2026 proposal of “Regulation Crypto Assets”. While this proposal represents a critical development for crypto fund managers, it also requires careful analysis to understand how it could affect crypto fund operations and...
Scroll through most private fund newsletters this year and you’ll see the same three words used over and over: “evergreen”, “continuation”, and “liquidity.” The headlines make it seem like every sponsor is racing to include a semi liquid option in their strategy. However, most of these articles are written for funds managing billions, not for...
Private credit built its reputation on speed and flexibility, offering direct relationships to borrowers, fast underwriting, and terms traditional banks could not match. Now that same reputation is colliding with regulators who have decided the asset class deserves a closer look, and the managers caught unprepared are the ones who will pay the price. If you run a...
In today’s market, fund managers regularly find themselves needing additional capital and thinking they should send a capital call notice to existing investors. This sounds simple, and sometimes this is the right approach, but often what the fund manager wants is not a capital call at all and is actually a new offering. The consequences...
Signed into law on July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) reshapes the tax landscape for many transactions. The OBBBA is one of the most significant overhauls to the U.S. tax code since the Tax Cuts and Jobs Act of 2017 (“TCJA”). Buried in the headlines are several provisions with real, immediate...