Below we share materials relating to various types of permanent capital vehicles, including investment entities used to raise and manage capital with an unlimited time horizon. Permanent capital vehicles include REITs, as well as private funds and registered funds, including open-end funds (such as target date funds) and closed-end funds (such as interval funds, tender offer funds, and business development companies). We discuss REITs in a separate section.
Our team includes lawyers across a number of practices who represent the full range of alternative investment platforms and assist sponsors from formation through offering and day-to-day compliance and investments, and also assist the financial intermediaries that work with these parties to bring vehicles to market.
- Introduction to Permanent Capital Vehicles (Mayer Brown Publication)
- Permanent Capital Vehicles Comparison (Chart)
Closed-end funds
- Closed-End Funds (Presentation)
- Interval Funds and Tender Offer Funds Survey (Chart)
Business Development Companies (BDCs)
- Learn more about our BDC practice
- BDC Facts & Stats (Mayer Brown Publication). Access our BDC Facts & Stats for a compendium of information regarding BDCs that have taken measures to increase their use of leverage, terms of BDC advisory agreements, and more.
- Business Development Company Guide for Capital Markets (Lexis Practice Advisor)
This article answers questions frequently asked by securities lawyers and their clients regarding the federal securities laws applicable to BDCs. - At A Glance: Business Development Companies (Mayer Brown Publication)
PUBLICATIONS
- US SEC Cyber Risk Management Proposed Rules: Analysis for Investment Advisers, Investment Companies, BDCs and Broader Implications for Private Sector (Mayer Brown)
This Legal Update builds on our previous discussion of this proposal and discusses some of its major implications for registrants. - SEC Proposals Would Significantly Impact Private Fund Advisers and Impose New Cybersecurity Requirements on Registered Advisers and Funds, including BDCs (Mayer Brown)
On February 9, 2022, the SEC voted to propose several new rules and amendments to existing rules that would significantly alter the current requirements for investment advisers and funds, with one proposal specifically focused on private funds and the other focused on cybersecurity. The SEC voted to propose a suite of new rules and amendments under the Investment Advisers Act of 1940 (“Advisers Act”) that, if adopted, will significantly increase the compliance obligations of advisers to private funds. - What’s the Deal? – Interval and Tender Offer Funds (Mayer Brown)
In this What’s the Deal? guide, we provide a brief introduction regarding interval and tender offer funds, the applicable regulatory framework, and related legal considerations. - Offering and Communications Reforms for BDCs and Closed-End Funds (Lexis Practice Advisor)
This article discusses the amendments adopted by the SEC in 2020 that modernize the offering related provisions of the Securities Act of 1933, as amended (“Securities Act”), and the communications safe harbors available to BDCs. See the 2020 First Analysis piece here. - Market Trends 2022/23: Business Development Companies (Lexis Practice Advisor)
This Market Trends article covers recent commercial and regulatory trends affecting BDCs, particularly focusing on various types of securities offerings by public and private BDCs. See the 2019/20 edition here, the 2018/19 edition here, and the 2017/2018 edition here. - New Securities Regulations May Benefit BDCs (Bloomberg Law)
Several key regulatory developments and reforms have the potential to significantly help BDCs. This article published in Bloomberg Law addresses those developments and how they are expected to impact the BDC industry. - A Year to Remember for Business Development Companies (Mayer Brown)
We summarize several of the encouraging regulatory developments for BDCs that occurred during 2018. - BDC-Related Provisions of the Consolidated Appropriations Act of 2018 (Mayer Brown)
On March 23, 2018, Congress passed a $1.3 trillion omnibus spending bill titled the Consolidated Appropriations Act of 2018, which included the Small Business Credit Availability Act. Included in the Small Business Credit Availability Act are various changes to the federal securities laws and regulations that impact BDCs. Most significantly, the BDC-related portions of the legislation expand the ability of BDCs to utilize leverage and provide them with ability to rely on more flexible SEC communication and offering rules currently only available to operating companies. This chart summarizes BDC-related provisions of the legislation. - On point. – Shelf Offerings by Business Development Companies (Mayer Brown On Point. Series)
We discuss the availability of shelf offerings, capital markets opportunities and provides a legislative update for business development companies.