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SEC Announces 2022 Examination Priorities

On March 30, 2022, the Division of Examinations (formerly known as the Office of Compliance Inspections and Examinations) (the “Division”) of the Securities and Exchange Commission (the “SEC”) announced its 2022 examination priorities for registered investment advisers (“RIAs”).1 The Division grouped the priorities into six general thematic areas: the operation of private investment funds; environmental,…

Client Alerts | May 2, 2022 | Hedge Funds | Private Equity Funds | Digital Assets and Cryptocurrency

Historic Regulatory Shake-up for the Private Funds Industry

In recent months, the U.S. Securities and Exchange Commission (the “SEC”) has introduced a wave of proposals amounting to approximately 1,100 pages of new and amended rules that will significantly impact the private funds industry, likely subjecting it to an unprecedented degree of regulation. Many of these proposed rules would apply to all private fund…

Client Alerts | April 7, 2022 | Hedge Funds | Private Equity Funds | Securities and Corporate Finance

Tax Issues and Planning to Consider Before Year-End 2021

This annual client alert briefly highlights certain tax issues and planning that hedge fund managers and high-net-worth individuals should consider (or reconsider) before the end of 2021. Although year-end tax planning is always important, the potential increase in tax rates in 2022 and other potential tax changes make it even more important this year-end. The…

Client Alerts | December 7, 2021 | High Net Worth Individual Planning | Hedge Funds | Private Equity Funds

Guidance Recently Issued on New York State’s New Elective Pass-Through Entity Tax

Tax Planning for Fund Managers and Other High-Net-Worth Individuals Earlier this year, New York State enacted a new elective pass-through entity tax (the “PTET”). The PTET generally allows individuals who are members of pass-through entities to effectively receive a federal deduction for New York State income taxes that they would otherwise not be able to deduct. On…

Client Alerts | September 1, 2021 | Hedge Funds | Private Equity Funds

SEC Increases “Qualified Client” Standards

On June 17, 2021, the U.S. Securities and Exchange Commission (the “SEC”) issued an order (the “Order”1) increasing the dollar amount tests in order to qualify as a “qualified client” in Rule 205-3 (the “Rule”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). As described below, these changes will be effective…

Client Alerts | August 2, 2021 | Investment Management | Hedge Funds | Private Equity Funds

Kleinberg Kaplan Advises Absoluto Partners in its Investment in Brazil-based Nubank

Kleinberg Kaplan client, Absoluto Partners, a Brazil-based hedge and venture capital fund manager with headquarters in Rio de Janeiro, recently participated in a Series G fundraising round totaling $750 million for Nubank, a Brazil-based fintech company. Absoluto Partners, Verde Asset Management and Sands Capital invested $250 million, while Berkshire Hathaway invested $500 million. According to The…

Firm News | June 15, 2021 | Private Equity Funds

Kleinberg Kaplan Adds David Pentlow as Senior Counsel to Private Funds & Investment Management Practice

Premier boutique law firm Kleinberg Kaplan has announced that David Pentlow has joined the firm as Senior Counsel in its Private Funds & Investment Management Practice. Mr. Pentlow has extensive experience representing private equity funds, hedge funds, real estate funds and other investors, financial institutions, and issuers – from start-ups to established public companies –…

Kleinberg Kaplan Promotes Joshua Guttman to Partner

Premier boutique law firm Kleinberg Kaplan announces the promotion of Joshua Guttman to partner effective January 1, 2021. Since 1971, New York-based Kleinberg Kaplan has been a leader in advising hedge and private equity funds, sophisticated business ventures, prominent real estate operators, and family offices. “I am pleased to announce the promotion of Josh Guttman to partner,”…

FEATURED PUBLICATION | January 4, 2021 | Hedge Funds | Private Equity Funds | Investment Management

Kleinberg Kaplan Partners Philip S. Gross and Maurice Collada III Featured in S&P Global Intelligence

Philip S. Gross, partner and chair of Kleinberg Kaplan’s Tax Department, and Maurice Collada III, Private Equity and Hedge Funds partner, are featured in an S&P Global Intelligence article. In “Biden’s proposed tax plans could hit private equity in the pocket,” Phil and Maurice shared their thoughts on the concerns surrounding the possible tax increases…

Firm News | December 3, 2020 | High Net Worth Individual Planning | Private Equity Funds | Hedge Funds

Tax Issues and Planning to Consider Before Year-End 2020

November 2020 This annual newsletter briefly highlights certain tax issues and planning that hedge fund managers (and other high-net-worth individuals) should consider (or reconsider) before year-end. Although year-end tax planning is always important, the potential increase in tax rates in 2021 makes it even more important this year-end. The election may be over, but uncertainty…