The Davis Polk Investment Management Group has advised a number of sponsors and placement agents, including our U.S. and offshore financial institution clients, in structuring and marketing private equity funds that fall outside the registration requirements of the Securities Act and the Investment Company Act. Our private equity fund practice includes buyout funds, venture capital funds, special situations funds, emerging market funds and real estate funds.
We have significant experience in structuring and organizing employee securities companies, assisting clients not only in developing suitable investment programs, taking into account potential SEC, tax and other regulatory concerns, but also in structuring such investment vehicles for their employees as family limited partnerships and trusts for estate-planning and tax purposes. In this regard, we have obtained numerous precedent-setting exemptive orders from the SEC for employee securities companies, and have spearheaded discussions with the SEC relating to the application of the Securities Exchange Act reporting requirements to employee funds with 500 or more participants.
With other corporate lawyers at Davis Polk, we advise funds, underwriters and portfolio companies on merger and acquisition and securities transactions. These include acquisitions, recapitalizations, restructurings, dispositions of investments and public offerings of securities, including sales by funds of their investments.
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