Legal & Regulation

In episode five of the Decade of Secondaries Investing podcast miniseries, Iron Road Partners’ Igor Rozenblit and Ropes & Gray’s Isabel Dische discuss the regulatory landscape facing secondaries and analyse which rules are set to have the biggest impact.

Lawyers from Skadden, Arps examine how sale and purchase agreements have evolved to better fit sponsor-initiated processes.

Uncertainty about the use of proceeds poses an issue for NAV lenders looking to manage ESG risks.

The country's official cabinet has published a nine-point circular to ‘strengthen supervision’ on capital markets, including updates on listing process and delisting regulations.

The SEC’s decision to grant Coller Capital and Pantheon permission to shop their secondaries-focused evergreen vehicles to high-net-worth investors could prompt more players to follow suit.

Impact investor Summa Equity closed Summa Circular, believed to be the first Article 9 continuation fund, in December, breaking new ground for the secondaries market.

Whatever happens to the SEC rules, the trade group hopes the industry can unite to raise the floor on transparency.

Updates to how effectively connected income is treated may lead to an easier and more standardised process for secondaries transfers, argue lawyers from Macfarlanes.

The secondaries market is burgeoning with new entrants and LP interest. Buyers are clamouring for lead buyer status, but does it pay to be hyperbolic if there are contracts to back up the facts?

Getting a fairness or valuation opinion on a private equity GP-led secondaries transaction is a straightforward, albeit costly task. In credit secondaries, however, the rule change creates a cumbersome burden.