Businesses of all types and sizes throughout the United States, Mexico and beyond bring their disputes to Gardere's litigation team and receive practical, responsive, boutique-style attention in return. Our clients have access to the firepower and value of a well-known and highly-regarded Firm's capabilities and interdisciplinary strengths.
Gardere has a national and international energy practice formed around our Energy Industry Team, which is a multidisciplinary group of approximately 60 attorneys with diverse backgrounds, experience and skills specific to the energy industry. Our team includes attorneys who have served as in-house counsel for major energy companies, providing a depth of insight into our clients' needs, issues and concerns. We understand and regularly practice in virtually every sector of the energy, and we represent a wide variety of industry participants from multinational corporations to individuals.
From our offices in the United States and Mexico, our International Practice helps clients operate in today’s global economy. We have more than 30 professionals operating as a boutique within an Am Law 200 law firm and are able to provide focused service with the resources of a large firm. We understand that clients who are engaged in the global marketplace need lawyers who can operate seamlessly across multiple jurisdictions. Our international experts are multi-lingual, are culturally fluent and intimately familiar with various legal systems across the world, especially those in Latin America. Whether you need help with commercial transactions, regulatory matters, customs and import regulations, immigration matters, M&A and joint ventures, international disputes, or international tax planning, Gardere’s international team is here to assist you.
We represent domestic and foreign private funds in all aspects of fund formation, fund operations, platform and add-on acquisitions, and portfolio company operations. Our team has a reputation for being the go-to-lawyers for private equity funds, hedge funds, venture capital funds and family offices. We are known for our vast deal experience, the efficient way we staff and manage our work, and the way we maintain our relationships. We get deals done with sophisticated, strategic, and practical advice tailored to the needs of our clients.
*Not admitted to practice law.
Background: The Dodd-Frank Act of 2010 (“DFA”) required that firms with at least $150 million of assets under management register with the SEC as investment advisers.
Initial Impact: Many PE firms who had been virtually free of regulatory oversight became regulated.
Deep Impact: Since implementation of DFA, the SEC’s office of Compliance Inspections and Examinations (“OCIE”), directed by Drew Bowden, has had the OCIE’s 900 examiners available to examine the 11,000 registered investment advisers, at least 10% of which provide services to a PE fund, reviewing new private fund registrants. In a 6 May 2014 presentation to the Private Equity International Private Fund Compliance Forum in New York (the presentation can be found on the SEC website under the heading “Spreading Sunshine in Private Equity”), Mr. Bowden reported that OCIE had initiated examinations of more than 150 newly registered PE advisers and was on track to meet the goal of examining 25% of the new private fund registrants by the end of 2014. Some key findings that Mr. Bowden mentioned in his presentation:
PE Response: A number of PE firms have amended Part 2A of their Form ADV filings with the SEC making a number of additional disclosures and clarifications. A number of large PE firms have announced that they will no longer collect accelerated monitoring fees or will effectively return such fees to investors by reducing management fees on a dollar-for-dollar basis. Some PE firms have reported that they will share all fees with investors. PE firms have met with investors to make sure investors have no misunderstandings about fees and expenses.
Deeper Impact: Drew Bowden, Director of OCIE, has indicated that the SEC has taken note of the new disclosures in Form ADV, but he has made it abundantly clear that amending Form ADV “alone is unlikely to be viewed by [the SEC] as a sufficient cure for a past material omission in a limited partnership agreement or offering materials.” Mr. Bowden has said that if a firm was charging unjustified fees or expenses, that firm needs to either refund the money to investors or explicitly obtain investor consent for past practices.
Take Away: PE firms will review and refine all of their practices and disclosures regarding fees and expenses. PE firms will attempt to make it very clear in offering materials, LPAs, and in SEC filings as to what fees and expenses may be charged to investors and portfolio companies.
The publications contained in this site do not constitute legal advice. Legal advice can only be given with knowledge of the client's specific facts. By putting these publications on our website we do not intend to create a lawyer-client relationship with the user. Materials may not reflect the most current legal developments, verdicts or settlements. This information should in no way be taken as an indication of future results.
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