The Freshfields Podcast

Freshfields

We are a global law firm with a long-standing track record of successfully supporting the world’s leading national and multinational corporations, financial institutions and governments on ground-breaking and business-critical mandates.

  1. Well-Caffeinated: What the Retail Moment Means for Private Capital

    3 Jun

    Well-Caffeinated: What the Retail Moment Means for Private Capital

    In this episode of Well-Caffeinated, host Tim Clark is joined by four Freshfields colleagues to examine one of the most significant trends impacting Private Capital today: the increasing focus on “retail” sources of capital for Private Capital investment strategies. Melissa Hodgman, David Nicolardi, Andrew Gladstein and Jeremy Barr unpack what it means for a Private Capital managers to add a retail component to its investor pool.   The conversation covers the differences between the types of private funds traditionally managed by Private Capital managers and so-called retail funds, such as interval funds, tender offer funds and business development companies (BDCs); the different regulatory regimes applicable to retail funds as compared to traditional closed-end Private Capital products; and the risks associated with managing retail investors in open-ended funds versus institutional investors in closed end products. The panel addresses the areas of sharpest regulatory focus — valuation, liquidity, conflicts of interest, fees and distributions — before closing with practical guidance on how Private Capital managers should think about structuring their compliance programs and managing regulatory, litigation and reputational risks throughout the life cycle of a retail vehicle. For additional context and resources related to today’s discussion, visit the referenced article on the retailization of Private Capital authored by the podcast panel.

    42 min

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We are a global law firm with a long-standing track record of successfully supporting the world’s leading national and multinational corporations, financial institutions and governments on ground-breaking and business-critical mandates.

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