New SEC Co-Investment Relief Framework: Increased Flexibility for Business Development Companies and Closed-End Funds

Mr. Mahon has nearly 20 years of experience working with asset management clients in structuring, launching and managing regulated fund products and other permanent capital vehicles. He represents private equity firms, credit managers and other financial sector participants in a wide range of fund formation, capital markets and securities law matters, including both public and private offerings of business development companies (BDCs) and other alternative vehicles, such as registered closed-end funds and interval funds. Mr. Mahon also has extensive experience in advising asset managers on the unique regulatory complexities involved in launching and managing registered funds and BDCs, including as part of larger platforms, and has sought and obtained SEC exemptive relief on behalf of numerous clients. He has been involved with more than 100 debt and equity offerings, including over 20 initial public offerings (IPOs), reflecting an aggregate of over $10 billion in total proceeds. Mr. Mahon’s work in securities law and M&A includes providing guidance to many NYSE and Nasdaq-listed companies in connection with ongoing corporate governance and SEC reporting and compliance matters. He has routinely handled issues involving tender offers, proxy solicitations, going-private transactions, and beneficial ownership reporting obligations. Mr. Mahon previously worked in the U.S. SEC’s Division of Corporation Finance, where he earned the SEC Capital Markets Award. He is a prominent and engaged member of the investment management community and has spoken and written prolifically. Mr. Mahon has served as an adjunct professor at the George Washington University Law School since 2009, and at the Georgetown University Law Center since 2023. 

Mr. Man is a partner in the firm's asset management and investment funds practice. He represents investment advisers, closed-end funds (including exchange-traded closed-end funds, registered funds of hedge funds, and interval funds), alternative mutual funds, and private funds (including hedge funds and funds of one).

Ms. Simon frequently counsels clients focused on making alternative asset classes and strategies available to a broader audience, including high-net-worth and retail investors. Her experience includes advising investment advisers, funds and boards of directors/trustees with regard to traditional and novel product offerings. Ms. Simon regularly advises on the practical and regulatory considerations central to the design, formation and ongoing operation of funds regulated under the Investment Company Act of 1940 (1940 Act), including interval funds, tender offer funds, business development companies (BDCs) and funds electing to be taxed as REIT). With clients ranging in size and background, from private fund sponsors to first-time sponsors of 1940 Act funds to longstanding 1940 Act fund complexes, Ms. Simon is well positioned to advise from a variety of vantage points. Also leading the firm's derivatives and commodities practice, Ms. Simon regularly assists registered and exempt commodity pool operators (CPOs) and commodity trading advisors (CTAs) in navigating multiple, and sometimes conflicting, regulatory regimes. She is a frequent author and lecturer on funds and derivatives, among other topics.