Following the lead of some of the largest and best known global money managers, private fund managers of virtually all types and sizes (in terms of assets under management) are increasingly considering establishing permanent capital or evergreen investment vehicles. Regulators are asking whether these vehicles are sufficiently liquid to be appropriate for retail investors, whether these vehicles are valuing the instruments they hold in accordance with applicable rules and regulations, and whether these vehicles are described accurately, fully and clearly in disclosure and marketing documents provided to investors. This panel will focus on the variety of permanent capital and evergreen investment vehicles, their investment objectives and strategies, and their potential strengths and weaknesses from an investor standpoint. The panel will also consider the various regulatory concerns that have been raised recently regarding vehicles.
Nora Jordan Davis Polk & Wardwell, New York
Michael Hoffman Skadden Arps Slate Meagher & Flom, New York
Timothy Levin Morgan Lewis & Bockius, Philadelphia
Jack Murphy Dechert, Washington DC