Schulte lawyers have updated their comprehensive book on hedge funds, Hedge Funds: Formation, Operation and Regulation, published by ALM’s Law Journal Press. Addressing legal and practical issues of importance to counsel for both sponsors and investors, the book explains the complete spectrum of hedge fund investment structuring, operation and regulation.

Since the first funds were established over 60 years ago, the hedge fund industry has grown dramatically in size and complexity. More than just a passing phenomenon, hedge funds are now an important part of global asset management; and increasingly the focus of new legislation and regulation. This up-to-date and forward-looking guide explains topics including hedge fund investment strategies, domestic and off-shore hedge fund structure and tax considerations, terms, fees, and related considerations for sponsors and investors, regulatory requirements and fiduciary obligations of investment advisers, fund documentation, including marketing materials, offering memoranda, governing documents and related and agreements; and structuring a hedge fund management company.

The Schulte authors represent a broad range of practices and include investment management partners Stephanie Breslow, Jennifer Dunn, David Efron, Marc Elovitz, Christopher Hilditch, Daniel Hunter, Jason Kaplan, Anna Maleva-Otto, David Nissenbaum and Paul Roth, special counsel Patrick Dundas and associate Christopher Avellaneda; broker-dealer regulatory & enforcement special counsel David Sieradzki; employment & employee benefits partners David Cohen, Ian Levin and Holly Weiss; finance partner Daniel Oshinsky; litigation partner Gary Stein and lawyer Betty Santangelo; M&A and securities partner Peter Halasz and special counsel Gregory Kinzelman and Adriana Schwartz; finance & derivatives partner Craig Stein and associate Sean Locklear; and tax partners Philippe Benedict and Shlomo Twerski, special counsel David Griffel and associate David Wermuth and former Schulte lawyers Brian Daly, Brad Caswell, Theodore Franzese, Kenneth Gerstein, Lawrence Goldberg, Seetha Ramachandran, Max Schwartz and Joseph Vitale.

Schulte lawyers have updated their book Private Equity Funds: Formation and Operation, published by Practising Law Institute. Considered the leading treatise on the subject, the book examines the various fund types, including PIPEs, SPACs, mezzanine funds, and credit opportunity funds, and is designed to provide a comprehensive understanding of how private equity funds work and are regulated. The lead authors are investment management partners Stephanie Breslow and Phyllis Schwartz.

Private Equity Funds provides guidance on every decision that has to be made in creating a new fund, including choosing the right organizational options for funds and their sponsors; structuring and implementing ownership and compensation arrangements that work best for each fund; negotiating terms between fund sponsors and investors, including fund size, the investment program, capital commitments and contributions, distributions, and related documentation; hiring and retaining the best fund talent; and qualifying for the Securities Act’s private placement exemption, the IAA’s exclusion from registration as an investment adviser, and other exemptive relief. The book advises on how to structure beneficial seed capital transactions with strategic investors; accrue the benefit of allowing principals and employees to participate in the income streams as equity owners or profit-sharing participants in a fund sponsor’s management entities; and avoid potential liability as a result of developing an excessively specific investment program as a fund manager.

The Schulte team that updated the book included investment management partners Stephanie Breslow, Phyllis Schwartz, Marc Elovitz, Jason Kaplan, Anna Maleva-Otto and Joseph Smith, of counsel Kenneth Gerstein, special counsel Patrick Dundas; bank regulatory special counsel Jessica Sklute; broker-dealer regulatory & enforcement special counsel David Sieradzki; employment & employee benefits partners David Cohen, Ian Levin and Holly Weiss and special counsel Melissa Sandak; intellectual property, sourcing & technology special counsel Scott Kareff; litigation partner Gary Stein and lawyer Betty Santangelo; M&A and securities special counsel Adriana Schwartz; finance & derivatives partner Craig Stein and associate Sean Locklear; tax special counsel Christine Harlow and former Schulte lawyers Brian Daly, Brad Caswell, David Miller, Seetha Ramachandran and Joseph Vitale.

Order a copy of Private Equity Funds: Formation and Operation (Second Edition).

Bill Boies and Rebecca Finkel co-authored this bylined article on the cy pres doctrine in class action settlements and a case currently before the US Supreme Court that may address cy pres distributions to legal aid and access to justice organizations.

Schulte lawyers have collaborated to update and expand Insider Trading Law and Compliance Answer Book 2019, published by Practising Law Institute. The new edition integrates recent regulatory changes and provides a step-by-step understanding of the legal requirements imposed upon investors. The treatise also covers many specialized areas, demonstrating how insider trading law has been applied to corporate insiders, market professionals, paid consultants and government employees as well as in the bankruptcy context. Specific topics covered include the elements of an insider trading claim; what is legitimate company research that can be freely acted upon; and what is material, nonpublic information obtained in breach of a duty of trust or confidence that may not be acted upon or shared, among others.

Litigation partner Harry Davis served as editor and authored several chapters. Additional chapter authors include litigation partners Charles Clark, William Gussman, Taleah Jennings, David Momborquette, Martin Perschetz, Howard Schiffman, Gary Stein, Michael Swartz, Robert Ward and Peter White, of counsel Howard Godnick, lawyer Betty Santangelo, special counsel Michael Cutini and Jeffrey Robertson and associate Robert Griffin; broker-dealer regulatory & enforcement partners Douglas Koff and Craig Warkol; business reorganization partner Adam Harris; investment management and regulatory & compliance partners Marc Elovitz and Anna Maleva-Otto; M&A and securities partners Eleazer Klein and Marc Weingarten; and former Schulte lawyers Brian Daly and Alan R. Glickman.

To order a copy of Insider Trading Law and Compliance Answer Book 2019, please click here.