The Capital Commitment

Proskauer on Private Fund Litigation

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Howard J. Beber

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Howard J. Beber is a partner in the Corporate Department and co-head of the Private Funds Group, which is recognized by Chambers Global, Chambers USA and US Legal 500. His practice focuses on representing private equity funds and institutional investors on a broad range of issues including fund formations, secondary transactions and portfolio investments.

Howard is actively involved in all stages of fund formation and fund sponsor representation, counseling on terms and marketing strategy, preparing offering documents, negotiating with placement agents, drafting partnership and general partner documents, negotiating with investors and providing advice on internal general partner and management company issues. His clients range from newly formed firms to a number of leading firms in the private equity industry. In addition, he routinely represents some of the most active institutional and fund-of-fund investors when investing in venture capital, buyout, real estate and other private investment funds, as well as co-investment transactions. Howard also represents institutional investors in connection with the acquisition and sale of partnership interests on the secondary market and has worked with several management teams on large spin-out transactions.

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Current Issues Relating to Silicon Valley Bank Closure

By Monica Arora, Howard J. Beber, Andrew Bettwy, Ron Franklin, Matthew Kerfoot, Stephen T. Mears, Jinyoung Joo and Carolyn Killea on Posted in Disputes, Enforcement, Hedge Funds, News, Private Equity, Regulation, Venture Capital
On Friday, March 10, 2023, Silicon Valley Bank (“SVB”) became the largest U.S. lender since the Great Financial Crisis to enter into receivership with the Federal Deposit Insurance Corporation. SVB was a major provider of depository services and liquidity to various investment funds, managers and their related entities through subscription or capital call facilities, net … Continue Reading

SEC Reopens Comment Period for Proposed Private Fund Adviser Rules

By Howard J. Beber, Michael Mavrides, Robert E. Plaze and Robert Sutton on Posted in Asset Management, SEC, Securities Law
On May 9th, the U.S. Securities and Exchange Commission (“SEC”) announced that it will reopen the public comment period on its proposed rules relating to private fund advisers. The comment period will now remain open until 30 days after the publication of this announcement in the Federal Register. For more details on this timely announcement, … Continue Reading

The Bottom Line of the SEC Proposed Private Fund Rules

By Howard J. Beber, Michael Mavrides, Kelli L. Moll, Robert E. Plaze, Robert Sutton and Christopher Wells on Posted in Asset Management, Compliance, Examinations, Hedge Funds, Private Equity, Regulation, SEC
On February 9, 2022, the U.S. Securities and Exchange Commission (the “SEC”) proposed new rules and amendments to existing rules under the U.S. Investment Advisers Act of 1940, as amended, that would have notable practical implications for private funds advisers, in many cases regardless of the adviser’s registration status. At a high level, the proposed … Continue Reading

SEC Proposes Advisers Act Reforms Focusing on Private Fund Investor Protections

By Monica Arora, Howard J. Beber, David T. Jones, Michael Mavrides, Stephen T. Mears, Robin Painter, Robert E. Plaze, Michael Suppappola, David W. Tegeler, Christopher Wells and Vanessa K. Rakel on Posted in Asset Management, Compliance, Disputes, Enforcement, Hedge Funds, Mergers & Acquisitions, Private Equity, Regulation, SEC, Securities Law
On February 9, 2022, the U.S. Securities and Exchange Commission (the “SEC”) proposed new rules and amendments to existing rules under the U.S. Investment Advisers Act of 1940 that would have notable practical implications for private fund advisers, in many cases regardless of the adviser’s registration status. The Proposed Rules include prohibitions or mandates regarding … Continue Reading

COVID-19: Heightened Potential for General Partner Clawbacks (and Disputes)?

By James Anderson, Timothy W. Mungovan, Howard J. Beber and Michael R. Hackett on Posted in Asset Management, Disputes, Private Equity
We at The Capital Commitment blog have previously discussed several steps for fund managers and others to weather the storm brought by COVID-19.  One of those steps is assessing the likelihood of a carried interest return obligation under a fund agreement’s general partner clawback provision (and planning for how to mitigate those obligations, if necessary).  … Continue Reading

Considerations for Private Fund Managers to Weather the Storm of COVID-19

By Howard J. Beber, Kirsten E. Lapham and Stephen T. Mears on Posted in News, Private Equity
As COVID-19 continues to spread around the world, it has become apparent that it is having a significant impact on the global financial market, at least for the short- to medium-term. While the only constant is change, there are steps private fund managers can take that will help them weather the storm and best position … Continue Reading

Proskauer Launches Private Equity SEC Enforcement Tracker

By Timothy W. Mungovan, Howard J. Beber, Stephen T. Mears, Samuel J. Waldon, Joshua M. Newville and Brian A. Hooven on Posted in Compliance, Disputes, Private Equity, Private Equity Litigation, Regulation, SEC
Today, we are launching a proprietary database tracking all SEC enforcement actions involving private equity advisers. The tracker contains key information from the actions, including summaries of key issues, settlement terms, and relevant statutory provisions. The tracker will be an important resource for us and our clients, providing us with quick access to comparable cases … Continue Reading

SEC Adopts Higher Net Worth Threshold for Qualified Clients under the Advisers Act

By Anthony M. Drenzek, Michael Mavrides, Robert Leonard, Christopher Wells, Howard J. Beber, Sean J. Hill and Michael Suppappola on Posted in Compliance, Hedge Funds, Private Equity, Regulation, SEC, Securities Law
In an order dated June 14, 2016, the Securities and Exchange Commission (SEC) adopted its prior proposal to increase the net worth threshold for “qualified clients” under Rule 205-3 of the Investment Advisers Act of 1940 (the Advisers Act) from $2 million to $2.1 million. This adjustment is being made pursuant to a five-year indexing … Continue Reading
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