![]() Several potential exemptions may be available to a non-US manager, including the Foreign Private Adviser Exemption, the Private Fund Adviser Exemption, and the Venture Capital Exemption. Securities and Exchange Commission (the “SEC”) unless an exemption applies. investors will be required to register as an “investment adviser” with the U.S. Under the Advisers Act, a fund manager that actively seeks U.S. investors is the Investment Advisers Act of 1940 (the “Advisers Act”). securities law that tends to drive the most significant legal compliance costs for managers raising capital from U.S. investors, including the Investment Advisers Act, the Securities Act, the Investment Company Act, ERISA, CFIUS, the Volcker Rule, and other regulations that may arise depending on the fund’s investment program. ![]() tax matters to consider when marketing fund interests to U.S. In practice, compliance with such regimes can be straightforward and easily managed with efficient and practical legal and tax advice. investors because they are concerned about the compliance costs and complexities raised by the U.S. However, many Asia-based managers we speak with are wary of marketing to U.S. As the private equity (“PE”) and venture capital (“VC”) funds industry grows and matures in Asia, managers are increasingly looking to market interests in their funds to U.S.-based investors.
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