Public Investors Private Funds And State Law
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Public Investors Private Funds And State Law
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Author : William W. Clayton
language : en
Publisher:
Release Date : 2020
Public Investors Private Funds And State Law written by William W. Clayton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Public pension plans in the United States invest hundreds of billions of dollars in private funds. As pension underfunding problems have deepened across the nation in recent years, public plans have dramatically increased their exposure to these lightly-regulated vehicles. This has raised concerns about whether the trustees and officials running state and local plans--often targets of academic criticism for poor management practices--adequately protect pension interests when they invest in this market. This Article considers the role of state law in this new era of massive investment by public plans in private funds. State pension law has historically focused primarily on the internal governance of public plans by imposing fiduciary duties on plan trustees and officials and setting up guardrails on the decisions that they make. However, after controversial practices in private funds were exposed in the mid-2010s, the California state legislature moved in a more aggressive direction by directly regulating certain terms in the private fund contracts entered into by California public plans. This approach, which many states took steps to follow or seriously considered following, focused on fee transparency concerns, but it could easily be expanded to regulate any aspect of private fund contracts. After identifying some of the distinctive challenges associated with this approach, I argue that state efforts to regulate private fund contracts directly have limited potential to compensate for ineffective governance within public plans. Challenges include the fact that states lack direct authority over private fund managers, widespread discriminatory treatment of private fund investors through “side letters,” diversity in the size of public plans in each state, and volatility in the fundraising market for private funds, among others. In light of these and other challenges, I also argue that the explosive growth of public pension investment in private funds calls into question some of the basic assumptions on which private fund policy has long been based, raising important questions for federal securities law.
A Proposed Legislative Solution For Private Equity Fund Disclosures
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Author : Steven E. Hurdle
language : en
Publisher:
Release Date : 2005
A Proposed Legislative Solution For Private Equity Fund Disclosures written by Steven E. Hurdle and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Private equity funds have managed for years to fit into a unique hole in federal securities laws. As long as they meet certain requirements, such as a limited number of sophisticated investors, they are exempted from disclosure. As a result, they are not generally required to make information about their investments publicly available.Due to recent lawsuits filed under state Freedom of Information Acts and Public Records Acts, many of private equity funds' wealthiest investors, including public universities and state pension funds, must disclose information about their investments. Consequently, information about the funds they invest in is being cast into a public light for the first time. The reaction from the venture capital community has been primarily negative, with some of the more prestigious funds going so far as to ban public institutional investors altogether.This Article discusses how private equity firms have found exemptions in federal securities laws to avoid disclosing information about their investments. It then describes how state public disclosure laws intended to benefit the public may be hurting the public by causing private equity firms to kick public institutions out of funds rather than face disclosure. Finally, the Article considers statutory, regulatory, and political solutions to the problem, and concludes that a uniform state law strikes an appropriate balance between respecting the privacy of private equity firms and protecting the public by shedding light on investment returns.
The Law Of Private Investment Funds
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Author : Timothy Spangler
language : en
Publisher:
Release Date : 2018
The Law Of Private Investment Funds written by Timothy Spangler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Investments categories.
Public Wealth Maximization
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Author : Paul Rose
language : en
Publisher:
Release Date : 2018
Public Wealth Maximization written by Paul Rose and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This article challenges the standard doctrine that public pension funds should be managed solely for the benefit of plan participants and their beneficiaries. Instead, economic logic suggests that public pension fund trustees owe their duties to the public collectively. This analysis is driven by the fact that in practice individual pension fund claimants function more like senior creditors than the residual claimants that are the typical recipients of fiduciary duties, and that the public in general, and current and future taxpayers specifically, are the true residual risk bearers for public pension funds. This reframing of fiduciary duties in public funds has dramatic consequences for the investment policies of the funds. Most importantly, a shift in the locus of fiduciary duties to public wealth maximization will require fund managers to more fully consider the externalities accompanying their investments, which should serve to help them fully and accurately price their investments. Private investors might ignore certain negative effects, such as uncompensated harms from pollution or depleted natural resources, because the government absorbs the costs of such externalities. Indeed, a strict fiduciary duty to act in the interests of the fund would obligate a private investor to ignore such externalities, so long as they do not negatively affect the returns of the fund's investments. The government -- and by extension, the public who funds the government--that absorbs the cost of these externalities, however, should view investments differently, with a view to minimizing negative externalities, particularly those that are significantly more expensive to remediate than to prevent. Similarly, a strict reading of fiduciary duty would suggest that funds should ignore positive externalities from investments that benefit society but not the plan participants; a focus on public wealth maximization would suggest that positive externalities should also be taken into account in investment decisions, which might, as a consequence, result in more investment in sustainable enterprises and long-term projects.
Alternative Investments A Primer For Investment Professionals
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Author : Donald R. Chambers
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2018
Alternative Investments A Primer For Investment Professionals written by Donald R. Chambers and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Business & Economics categories.
Alternative Investments: A Primer for Investment Professionals provides an overview of alternative investments for institutional asset allocators and other overseers of portfolios containing both traditional and alternative assets. It is designed for those with substantial experience regarding traditional investments in stocks and bonds but limited familiarity regarding alternative assets, alternative strategies, and alternative portfolio management. The primer categorizes alternative assets into four groups: hedge funds, real assets, private equity, and structured products/derivatives. Real assets include vacant land, farmland, timber, infrastructure, intellectual property, commodities, and private real estate. For each group, the primer provides essential information about the characteristics, challenges, and purposes of these institutional-quality alternative assets in the context of a well-diversified institutional portfolio. Other topics addressed by this primer include tail risk, due diligence of the investment process and operations, measurement and management of risks and returns, setting return expectations, and portfolio construction. The primer concludes with a chapter on the case for investing in alternatives.
Institutional Investors And Corporate Governance
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Author : Theodor Baums
language : en
Publisher: Walter de Gruyter
Release Date : 2011-05-02
Institutional Investors And Corporate Governance written by Theodor Baums and has been published by Walter de Gruyter this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-02 with Law categories.
The volume contains 23 articles by international experts, both scholars and practioners dealing with the development of institutional investors (such as banks, insurances, investment companies, pension funds etc.), their investment and voting policies, the impact on managements of the companies concerned and related issues. The consequences of the international development on capital markets as well as policy implications for the respective national legislations are treated.
Small Business Innovation Development Act
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Author : United States. Congress. House. Committee on Science and Technology
language : en
Publisher:
Release Date : 1982
Small Business Innovation Development Act written by United States. Congress. House. Committee on Science and Technology and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Research and development contracts, Government categories.
Pension Task Force Report On Public Employee Retirement Systems
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Author : United States. Congress. House. Committee on Education and Labor. Subcommittee on Labor Standards. Pension Task Force
language : en
Publisher:
Release Date : 1978
Pension Task Force Report On Public Employee Retirement Systems written by United States. Congress. House. Committee on Education and Labor. Subcommittee on Labor Standards. Pension Task Force and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Civil service categories.
Investment Adviser S Legal And Compliance Guide
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Author : Terrance J. O'Malley
language : en
Publisher: Wolters Kluwer
Release Date : 2013-01-01
Investment Adviser S Legal And Compliance Guide written by Terrance J. O'Malley and has been published by Wolters Kluwer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-01 with Law categories.
Investment Adviser's Legal and Compliance Guide, Second Edition is an invaluable guide written to assist attorneys and investment advisers in both drafting their compliance policies and procedures and reviewing them annually. In addition, the book serves as a practical tool for experienced attorneys and compliance officers for fulfilling their changing responsibilities under new rules adopted under the Investment Advisers Act of 1940, as well as new staff interpretations and guidance. For the Second Edition, the original author, Terrance J. Oand’Malley, is joined by John H. Walsh. While both authors are seasoned practitioners and acknowledged experts in the area of investment adviser compliance matters, Mr. Walshand’s years of experience, including at the SEC, are reflected in the enhanced practical discussion of relevant legal and compliance issues, including increased numbers of compliance tips, enforcement and regulatory alerts, and compliance tools. Investment Adviser's Legal and Compliance Guide, Second Edition covers in detail such topics as: Filings and amendments that an adviser must make to maintain its SEC registration Major rules and requirements dealing with marketing and attracting new clients Issues arising in connection with the management of private funds The SEC's examination process New clients, and the management of client accounts. The book also covers requirements relating to the adviser's obligation to its customers, including preventing insider trading and other trading abuses, as well as an adviser's recordkeeping, which is a major factor in meeting the requirements of the Investment Advisers Act. In addition, Investment Adviser's Legal and Compliance Guide, Second Edition provides registered investment advisers and their legal counsel with a comprehensive review of their compliance responsibilities that arise under the Investment Advisers Act.
Raising Capital For Private Equity Funds
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Author : Heather M. Stone
language : en
Publisher: Thomson West
Release Date : 2009
Raising Capital For Private Equity Funds written by Heather M. Stone and has been published by Thomson West this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Private equity categories.
Raising Capital for Private Equity Funds is an authoritative, insiders perspective on key strategies for raising private equity capital in a changing legal environment.