Investment Funds

LEADERS

Overview

The Investment Funds Practice Group specializes in the organization of private investment funds and the representation of fund management companies.  Typically representing the general partner or manager, we also represent other key participants in private funds, including strategic, seed and other investors, funds of funds, gatekeepers and advisers, placement agents and co-investors.

The Investment Funds group’s deep experience and broad market knowledge cover virtually all types of private investment funds and managed accounts across a wide range of formats and jurisdictions, including:

  • Buyout and other private equity
  • Mezzanine and credit
  • Real estate
  • Infrastructure
  • Hedge
  • Energy/oil & gas
  • Funds of funds
  • Secondary funds
  • Co-investment
  • Distressed investments
  • Specialty strategy

Our clients include newly established firms, independent and joint venture boutiques, multistrategy investment management firms, and divisions of insurance companies, investment banks and other financial institutions.

Gibson, Dunn & Crutcher’s Chambers-recognized Investment Funds Practice is anchored in our New York and Los Angeles offices, and includes a sophisticated, diverse team operating across Gibson Dunn’s other U.S. offices, as well as our offices in London, Dubai and Hong Kong, where we have particular expertise in regionally focused funds.

We offer significant resources to fund manager clients in a broad range of areas, including:

  • Regulatory and compliance
  • SEC enforcement
  • Tax planning
  • Internal partnership arrangements
  • Management of ERISA plan assets
  • Strategic investments
  • Liquidity events for fund management firms
  • Fund restructurings
  • Fund level financings

We have a leading practice in secondary sales of private equity fund interests, and we regularly represent several of the preeminent secondary funds.  We also have significant experience in M&A transactions involving fund management companies.

The group’s members work closely in conjunction with our practices in:

  • Private Equity
  • Mergers and Acquisitions
  • Real Estate
  • Securities Enforcement
  • Securities Regulation and Corporate Governance
  • Finance

RECENT PUBLICATIONS

Dodd-Frank 2.0: Agencies Finalize Substantial Revisions to the Covered Funds Provisions of the Volcker Rule

-July 7, 2020

Investor Communications by Private Equity and Real Estate Fund Managers in Light of COVID-19

-May 7, 2020

Tax implications of benchmark reform: UK tax authority weighs in

-May 4, 2020

Pursuing Crisis-Related Investment Opportunities – Considerations for Private Equity Fund Managers

-April 30, 2020

Operating Partners and/or Captive Consultants: Recent SEC Action and Six Takeaways

-April 30, 2020

COVID-19: Fundraising Considerations for Private Investment Fund Sponsors

-April 27, 2020

Gibson Dunn Earns 155 Rankings from Chambers Global 2020

-March 5, 2020

Changes to Marketing Alternative Investment Funds in the EU

-February 25, 2020

Who’s Who Legal Recognizes 15 Gibson Dunn Partners in Litigation, Corporate Tax and Private Funds

-January 30, 2020

Gibson Dunn Ranked in Legal 500 Asia Pacific 2020

-January 21, 2020

Form ADV Amendments for Non-U.S. Sponsors in Light of Re-Registration Requirement under the Securities Investment Business Law of the Cayman Islands

-January 9, 2020

Gibson Dunn Ranked in 2020 Chambers Asia Pacific

-December 6, 2019

Chambers Alternative Funds 2019 Guide

-November 6, 2019

SEC Issues New Guidance for Proxy Advisors and Investment Advisers Engaged in the Proxy Voting Process

-August 23, 2019

Best Lawyers in France 2020 Recognizes 16 Gibson Dunn Attorneys

-July 1, 2019

Gibson Dunn Ranked in Legal 500 EMEA 2019

-April 19, 2019

Gibson Dunn Ranked in 2019 Chambers Asia Pacific

-November 29, 2018

Webcast: Spinning Out and Splitting Off – Navigating Complex Challenges in Corporate Separations

-October 31, 2018

Who’s Who Legal Recognizes Twelve Gibson Dunn Partners

-October 30, 2018

IRS Provides Much Needed Guidance on Opportunity Zones through Issuance of Proposed Regulations

-October 22, 2018

SEC Warns Public Companies on Cyber-Fraud Controls

-October 18, 2018

Financing Arrangements and Documentation: Considerations Ahead of Brexit

-October 11, 2018

M&A Report – 2018 Mid-Year Activism Update

-October 3, 2018

M&A Report – Fresenius Marks a Watershed Development in the Analysis of “Material Adverse Effect” Clauses

-October 2, 2018

2018 Mid-Year Securities Enforcement Update

-July 30, 2018

FinCEN Issues FAQs on Customer Due Diligence Regulation

-April 23, 2018

M&A Report – AOL and Aruba Networks Continue Trend of Delaware Courts Deferring to Deal Price in Appraisal Actions

-April 5, 2018

Compliance Reminders for Private Fund Advisers – 2018

-February 14, 2018

Public Company Virtual-Only Annual Meetings

-January 18, 2018

Significant Amendments to Form ADV Go into Effect on October 1, 2017

-September 25, 2017

UK Private Fund Limited Partnerships

-May 8, 2017

India – Legal and Regulatory Update (May 2017)

-May 1, 2017

Reporting Requirements for Private Fund Advisers Under the Department of Treasury’s Benchmark Survey on Form SHC Due March 3, 2017

-February 17, 2017

Compliance Reminders for Private Fund Investors

-February 3, 2017

India – Legal and Regulatory Update (January 2017)

-January 19, 2017

Right Back Where We Started From? In Salman, the Supreme Court Clarifies the “Personal Benefit” Test but Otherwise Leaves Undisturbed Insider Trading Contours

-December 7, 2016

Myanmar’s New Investment Law

-October 27, 2016

China Begins Major Overhaul of its Foreign Investment Regulatory Regime

-October 10, 2016

India – Quarterly Legal and Regulatory Update (October 2016)

-October 3, 2016

SEC Proposes New Rule Requiring Registered Investment Advisers to Adopt Written Business Continuity and Transition Plans

-July 6, 2016

Indian Government Amends Foreign Direct Investment Policy (July 2016)

-July 1, 2016

Middle East Financial Services Hub – A Snapshot of the DIFC Landscape

-June 6, 2016

Indonesia Update: New Negative Investment List

-June 6, 2016

Proposed Anti-Money Laundering Rules Focus on Investment Advisers

-April 5, 2016

2015 Year-End French Law Update

-February 24, 2016

Advisers Act Compliance Reminders for Private Fund Advisers

-February 24, 2016

President Obama Signs Appropriations Bill Exempting Non-U.S. Pension Funds from FIRPTA, Taxing REIT Spinoffs, and Making Other Important Changes to the Taxation of U.S. Real Property Investments by Non-U.S. Investors and the REIT Rules

-December 29, 2015

H2 2015 – Six Areas of Focus for European Private Equity Firms

-December 10, 2015

Indian Government Amends Foreign Direct Investment Policy (December 2015)

-December 8, 2015

Amendment to France-Luxembourg Tax Treaty Will Not Tax the Sale of Companies Owning French Real Estate Before 2017

-November 23, 2015

Resolution Triumphs: Proposed U.S. TLAC and Long-Term Debt Requirements for G-SIBs

-November 18, 2015

President Obama Signs Bipartisan Budget Act of 2015, Sweeping Aside Rules That Have Governed Tax Audits of Partnerships Since 1982

-November 12, 2015

Webcast: Compliance Strategies for Private Real Estate Fund Managers

-November 5, 2015

SEC Examinations of Private Investment Funds

-October 29, 2015

Ownership and Control of Indian Insurance Companies with Foreign Investment

-October 22, 2015

Legal Developments in India – 2015 Nine-Month Update

-October 21, 2015

UK Public M&A – Navigating the UK Takeover Regime – Early Stage Considerations & Guidance for International Bidders

-October 20, 2015

Bilateral and Multilateral Investments Treaties: What All Dealmakers Need to Know

-September 25, 2015

The Heat is on: Update on Shareholder Activism in Germany

-September 3, 2015

Stapled Considerations

-September 2, 2015

FinCEN Proposes Regulations That Would Require AML Programs and Suspicious Activity Reporting for SEC Registered Investment Advisers

-September 1, 2015

Mandatory Clearing Makes Its Way to Europe: European Commission Adopts New Rules Requiring Clearing for OTC Interest Rate Derivatives

-August 19, 2015

M&A Report – 2015 Mid-Year Activism Update

-August 10, 2015

The Saga Continues: The Northern District of Texas Weighs in on Price Impact Test for Class Certification Post-Halliburton II

-July 29, 2015

Proposed IRS Regulations Target Management Fee Waivers and Other Partnership Interests Received for Services

-July 28, 2015

2015 Mid-Year Securities Litigation Update

-July 14, 2015

2015 Mid-Year Securities Enforcement Update

-July 13, 2015

Potential Impacts for EB-5 Investments in the Real Estate Sector as September 30 Deadline for Reauthorization Approaches

-June 17, 2015

SEC Proposes Significant Changes to Reporting Obligations for Investment Advisers

-May 27, 2015

Indian Government Amends Foreign Direct Investment Policy for 2015

-May 15, 2015

U.S. SEC Adopts Final Rules Implementing “Regulation A+” Offering Exemption for Offerings of up to $50 Million

-April 22, 2015

U.S. SEC Implements Dodd-Frank Act Title VII: Reporting and Public Dissemination Rules for Security-Based Swaps

-April 8, 2015

New UAE Companies Law: 10 Things You Need to Know

-April 7, 2015

U.S. Supreme Court Issues Long-Awaited Decision in Omnicare, Resolving Circuit Split Regarding Opinion Statement Liability under Section 11 of Securities Act of 1933

-March 25, 2015

M&A Report – Freeing Trapped Cash in Cross-Border Deals

-March 16, 2015

Indian Government Permits 49% Foreign Investment in the Insurance Sector

-March 11, 2015

Indian Government Permits 49% Foreign Investment in the Insurance Sector

-March 11, 2015

Venezuela’s Currency Regulations May Violate Investment Treaty Protections

-February 25, 2015

M&A Report – Governance Issues in Spin-Off Transactions

-February 5, 2015

SEC Permits Five Business Day Issuer Tender Offers for Non-Convertible Debt including Non-Investment Grade Debt

-February 3, 2015

M&A Report – 2014 Activism Update

-January 30, 2015

2014 Year-End French Law Update

-January 23, 2015

China Plans Major Overhaul of Its Foreign Investment Regulatory Regime

-January 23, 2015

Creating a Clear Circuit Split, the Second Circuit Holds That Failure to Disclose Known Trends or Uncertainties Under Item 303 of Regulation S-K Creates Liability Under Section 10(b)

-January 22, 2015

2014 Year-End Securities Enforcement Update

-January 12, 2015

2014 Year-End German Law Update

-January 9, 2015

United States v. Newman: Second Circuit Ruling Portends Choppier Waters for Insider Trading Charges Against Downstream Tippees

-December 15, 2014

SEC Adopts Rule Creating New Regulatory Framework to Strengthen Technological Infrastructure of U.S. Securities Markets

-November 25, 2014

Protecting Your Investments in Emerging Markets

-October 6, 2014

SEC Enforcement Actions Over Stock Transaction Reporting Obligations Offer Reminders for Public Companies and Their Insiders

-September 11, 2014

Renegotiation of the France and Luxembourg Tax Treaty: Taxation of Real Estate Capital Gains Now Expanded by Way of a September 5, 2014 Amendment to the Treaty

-September 8, 2014

Renégociation De La Convention Fiscale France Luxembourg : Par Un 4ème Avenant, La France Se Voit Attribuer Le Droit D’imposer Les Plus-Values De Cession De Titres De Sociétés A Prépondérance Immobilière Détenant Des Immeubles En France

-September 8, 2014

2014 Mid-Year Securities Litigation Update

-July 15, 2014

2014 Mid-Year Securities Enforcement Update

-July 14, 2014

SEC Staff Releases Guidance Regarding Proxy Advisory Firms

-July 1, 2014

China Adopts Fundamental Changes in Foreign Exchange Control

-May 20, 2014

The Commodities Activities of Banks: Comments on the Federal Reserve’s Advance Notice of Proposed Rulemaking

-April 28, 2014

The SEC Assesses Cybersecurity Preparedness in the Securities Industry in the Wake of the Cybersecurity Roundtable

-April 23, 2014

China Further Eases Restrictions on Outbound Investments

-April 18, 2014

The Department of Defense Issues New Regulations Regarding Security Clearances for Companies with Foreign Ownership

-April 11, 2014