With lower barriers to fund formation, more accessible technology, and a growing pool of sophisticated investors, the number of first-time fund managers has grown substantially. Generally speaking, this new wave of operators, executives, and investors is good for the market. However, many emerging managers are excellent at identifying deals but less experienced navigating the legal...
Chris Barsness
With increasing use of artificial intelligence (“AI”), many private fund managers have turned to proprietary AI algorithms as the basis for their investment strategies. While these AI algorithms offer the potential for significant returns, many fund managers and issuers routinely overstate their AI capabilities in pitch decks and private placement memorandums. “AI washing” refers to...
In 2025, we saw significant regulatory developments for digital assets. The GENIUS Act was signed into law, while the CLARITY Act passed the House and is currently moving through the Senate. Each act aimed to provide a comprehensive statutory framework designed to provide certainty while fostering innovation in the digital asset ecosystem. As a follow-up...
Many fund managers either do not know the right questions to ask or ask certain questions too late. Once the fund has investors and investor expectations are set, it can be more complicated (or sometimes even impossible) to switch directions. If you’re a fund manager planning to launch your first fund or planning to scale...
Although private real estate funds and REITs seem like similar real estate investment vehicles, the two are very different. For sponsors setting up a real estate investment vehicle, it’s important to understand the characteristics of both. Below is a breakdown of each investment vehicle and important considerations. Real Estate Investment Trusts (REITs) A real estate...
Imagine you sell your company, and months later, someone calls to tell you that you owe millions. Many business owners fear this nightmare scenario during mergers and acquisitions (M&A). Fortunately, you may minimize that risk with representations and warranties (R&W) insurance. R&W insurance protects both buyers and sellers by backing up the promises they make...
When it comes to mergers and acquisitions (M&A), the numbers on a balance sheet only tell part of the story. While financial modeling and due diligence are important, one of the biggest and often overlooked risks in any transaction comes from the people behind the business. The success or failure of an acquisition often depends...
SEC Approves Texas Stock Exchange: A New Era for U.S. Public Markets As of September 30, 2025, after more than 50 years in the making, the Texas Stock Exchange (TXSE) officially became registered as a national securities exchange. Impressively, the TXSE is the first fully integrated exchange to receive approval from the SEC in decades....