Registered Funds & Retail Products

They have a broad set of subject matter expertise, global reach and an extremely deep bench. With their deep bench, they have the capabilities to handle complex matters expertly and efficiently. - Chambers USA

Our Registered Funds Team advises leading asset managers and alternative investment sponsors on the structuring, launch, distribution and operation of retail and private wealth investment products across the full spectrum of asset classes and investment strategies. We help clients develop innovative solutions to access the growing private wealth market, build scalable distribution platforms, diversify investor bases, access the retirement marketplace and navigate the evolving regulatory framework governing regulated products and their sponsors. Our team combines deep experience in fund formation, fundraising and distribution, strategic transactions and regulatory matters, helping sponsors build and scale sophisticated retail and private wealth platforms and bring their strategies to a broader investor base.

Our clients include some of the industry’s largest and most established fund complexes, as well as leading private equity, private credit, real estate and infrastructure sponsors expanding into the retail and private wealth channels. Our experience spans both traditional and alternative investment strategies, including products utilizing complex investment, liquidity, derivative and distribution structures. We advise on a wide range of structures offered to high net worth and retail investors, including:

• Listed and non-listed (both publicly- and privately-offered) closed-end funds, including interval funds, tender offer funds and business development companies (BDCs)
• Mutual funds and exchange-traded funds (ETFs)
• Private funds designed for retail investors (retail 3(c)(7) funds) and other 1934 Act reporting and permanent capital vehicles accommodating controlled assets
• Non-traded and private real estate investment trusts (REITs) and closed-end funds registered under the Investment Company Act and taxed as REITs
• Variable insurance products and collective investment trusts (CITs) for ERISA plans

We counsel clients throughout the lifecycle of their regulated products, from formation, registration and regulatory approvals through ongoing operations, governance, distribution and strategic growth initiatives. We advise on exemptive relief applications, no-action requests and interpretive positions needed to accommodate novel strategies within the regulated fund framework. We also advise on asset management M&A transactions, joint ventures, seed capital arrangements, platform acquisitions and other strategic initiatives involving sponsors, distribution platforms and fund complexes. We regularly represent closed-end funds and BDCs, as well as their underwriters, in connection with initial public offerings, secondary offerings, rights offerings and public and private debt offerings.

Our multidisciplinary team draws on experience across Private Equity, Capital Markets, Mergers & Acquisitions, Tax, ERISA, Banking & Financial Institutions, Regulatory Solutions, REITs, Derivatives, Sustainability, Debt Finance and Litigation, which allows us to advise on complex, multifaceted matters with a single, coordinated team. We also work closely with our Capital Markets, Regulatory Solutions and Government, Regulatory & Internal Investigations practices to support clients on securities offerings, SEC examinations, investigations, enforcement matters and other regulatory issues affecting retail and private wealth products.

Our lawyers are widely recognized as leaders in the investment management industry, earning rankings and accolades from Chambers USA, Chambers Global, The Legal 500 and IFLR1000. The team remains actively engaged with industry organizations and regularly serves as speakers, moderators and panelists at leading industry conferences.