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...
Business Transactions Blog
In many commercial real estate transactions, the first written agreement between a buyer and seller is not the purchase and sale agreement. It is a letter of intent, commonly referred to as an LOI. An LOI is often only a few pages long and is generally intended to be non-binding, with the exception of certain...
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...
Jul232026
When purchasing a commercial property with existing tenants, buyers often begin and end their due diligence with the rent roll. It shows the current rent, lease terms, and security deposits used to evaluate the property’s income. That information is important, but it does not show every obligation the buyer may assume at closing. By acquiring...
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 most commercial real estate transactions, buyers understandably tend to focus on the economic terms – the purchase price, debt structure, and closing date. Those terms matter, but they are only part of the deal. Once a contract is signed, the due diligence period is the buyer’s opportunity to confirm whether the property can actually...
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...