New SEC Rules for Private Fund Advisers: Reporting Requirements, Fees and Expenses, Conflicts of Interest

Ms. Choe is a partner in Willkie’s Asset Management Group. She advises a wide range of pooled investment vehicles, including mutual funds, exchange-traded funds (ETFs), private funds (hedge funds, private equity funds and venture capital funds) and their sponsors and investment managers. Ms. Choe has in-depth knowledge of the various securities and other laws applicable to pooled vehicles and regularly counsels investment advisers and family offices on a variety of SEC regulatory filings and compliance matters.

Mr. Kustin is a partner in the Investment Management practice. He focuses his practice on advising sponsors of, and investors in, complex hedge, private equity and credit funds, and regularly counsels private fund advisers on international investment platforms including in Europe, Asia, and Latin America. Mr. Kustin’s clients range from market-leading global asset managers, to startups, mid-sized, and larger managers. He has extensive experience counseling established, global investment advisers as well as start-up managers in most aspects of their operations and regulatory compliance matters. He advises investment fund managers faced with complex restructurings, succession planning, crisis/conflict resolution, and consent solicitations. His practice includes advising clients on the structuring of arrangements between investment managers’ principals, seeding transactions, co-investment and secondary transactions, and LP-side investments in private funds.

Ms. Spiegel practices in the Investment Funds group and has over 20 years of experience advising on structuring, documentation, negotiation, and offering of U.S. and non-U.S. private funds, with an emphasis on private equity and closed-end credit funds. Her work also includes hedge funds, hybrid funds, separate account arrangements and “funds of one,” structured products fund, real estate funds and fund of funds and their respective management companies. Ms. Spiegel also advises on structuring and documentation of seeding arrangements, fund restructurings, carry plans and other profit-sharing plans, as well as upper tier governance arrangements and other employee arrangements. She counsels on various regulatory aspects of private funds, including the Investment Advisers Act, the Dodd Frank Act (including the Volcker Rule), Securities Exchange Act of 1934, Commodity Exchange Act, ERISA, and anti-money laundering issues. Ms. Spiegel has also advised on a number of investment management M&A transactions involving major global financial institutions.