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Kleinberg Kaplan Recognized in Chambers USA 2025

Firm ranked in Hedge Funds category; four partners individually honored New York, June 5, 2025 — Premier boutique law firm Kleinberg Kaplan announced that it has been recognized by Chambers USA 2025 as a leading firm. The firm was again included in the “Hedge Funds (USA – Nationwide)” category, and four Kleinberg Kaplan partners were individually highlighted in…

Firm News | June 6, 2025 | Hedge Funds | Investor Activism

SEC Staff Gives Advisers a Break on Presenting Net Performance for Case Studies and Portfolio Characteristics

Background — The Difficulty for Advisers Since the U.S. Securities and Exchange Commission (“SEC”) adopted Rule 206(4)-1 under the Investment Advisers Act of 1940 (the “Marketing Rule”), investment advisers have struggled with certain requirements relating to presenting “net” performance figures, especially when such figures are difficult to determine. One scenario relates to the presentation of…

Client Alerts | April 3, 2025 | Hedge Funds | Investment Management | Private Equity Funds

General Solicitation at a Lower Cost: SEC No-Action Letter Eases Accredited Investor Verification for Rule 506(c)

On March 12, 2025, the Division of Corporation Finance of the U.S. Securities and Exchange Commission (“SEC”) issued a no-action letter (the “No-Action Letter”) which clarifies that issuers may generally rely on certain minimum investment levels — principally $200,000 for natural persons and $1 million for legal entities — and related investor representations to verify…

Client Alerts | March 25, 2025 | Hedge Funds | Private Equity Funds | Securities and Corporate Finance

Kleinberg Kaplan Adds Experienced Tax Adviser Eli Shalam as Partner

Shalam strengthens sophisticated tax practice, previously with Simpson Thacher New York; March 17, 2025 – Leading private investment funds law firm Kleinberg Kaplan announced the addition of Eli Shalam as a partner in the tax practice. He arrives from Simpson Thacher. Mr. Shalam has considerable experience advising clients on tax aspects of private investment fund formation…

Firm News | March 17, 2025 | Business Advice and Planning | Hedge Funds | High Net Worth Individual Planning | Private Equity Funds | Transactional

Mark-to-Market Election – Whether to Make or Revoke a Section 475(f) Election on or Before March 15, 2025

At the beginning of each year, we send a newsletter to our clients and friends regarding Section 475(f) mark-to-market elections as a reminder to consider whether to make or revoke such election. A 475(f) election must be made by calendar-year partnerships on or before March 15th of the year in which the election is to…

Client Alerts | February 21, 2025 | Hedge Funds | Private Equity Funds

Reminder: Approaching Deadline for Elections to Elect Into New York State and New York City Pass-Through Entity Taxes for 2025

This alert is a reminder of the approaching deadlines and action items regarding the New York State Pass-Through Entity Tax (the “NYS PTET”) and the New York City Pass-Through Entity Tax (the “NYC PTET”). Deadline: March 15, 2025 The deadline to elect into the NYS PTET and the NYC PTET for 2025 is March 15,…

Client Alerts | February 20, 2025 | Hedge Funds | Private Equity Funds

Kleinberg Kaplan Again Ranks Among Top Legal Advisors Both Globally and in the United States for Activist Campaigns in FY 2024 According to Bloomberg

Kleinberg Kaplan, a pure-play activist law firm, was again featured as a top legal advisor for activist campaigns in Bloomberg’s FY 2024 Global Activism Market Review. The firm ranked sixth for legal counsel advising activist investors in the United States and eight globally on the activist side for targets of less than $1 billion, according…

Firm News | January 15, 2025 | Investor Activism

Federal Court Temporarily Blocks Enforcement of the Corporate Transparency Act

On December 3, 2024, a Federal District Court in Texas issued a nationwide preliminary injunction blocking the enforcement of the Corporate Transparency Act (the “CTA”). Prior to the injunction, the CTA required certain privately owned entities (“reporting companies”) to report information regarding the entities themselves and the individuals who, directly or indirectly, exercise “substantial control” over…

Client Alerts | December 6, 2024 | Estate Planning and Administration | Business Advice and Planning | Acquisitions and Sales | Securities and Corporate Finance

Tax Issues and Planning to Consider Before and After Year-End 2024

This newsletter briefly highlights certain tax issues and planning that fund managers and high-net-worth individuals should consider (or reconsider) before and shortly after the end of 2024. With Republicans winning control of the Presidency, House and Senate and lower expectations that taxes will be increased in 2025, there is less urgency to plan for year-end…

Client Alerts | December 5, 2024 | High Net Worth Individual Planning