Michael Suppappola
Mike Suppappola is a partner in the Private Funds Group specializing in fund formation, buy and sell side secondary transactions and restructurings, institutional investor representation, co-investments and day-to-day operational and regulatory matters.
He advises a broad spectrum of private funds clients on the structuring and operations of private funds globally, including buyout, growth equity, venture capital, private credit, distressed debt, real estate and fund-of-funds sponsors, as well as geographic and sector specific funds. After the fundraising period, Mike continues to serve as a trusted adviser to private fund sponsors throughout the lifespan of a fund, with a focus on ongoing general partner and management company internal governance and day-to-day operational issues.
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The SEC recently finalized a new rule under the Investment Advisers Act of 1940 to govern advertisements by registered investment advisers and payments to solicitors. The amendments create a single marketing rule that (i) revises the definition of an “advertisement,” (ii) sets forth seven general principles governing the use of advertisements, (iii) conditions the use … Continue Reading
On June 23rd, the staff of the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations issued a new risk alert entitled “Observations from Examinations of Investment Advisers Managing Private Funds.” As discussed in the client alert below, the report highlights many practices which have been the subject of SEC enforcement actions with … Continue Reading
As the elections approach nationwide, advisers to private investment funds with current or prospective state or local government entity investors should be mindful of political activities by their personnel which could raise concerns under existing pay-to-play regulations. While seemingly straightforward in application, the SEC’s pay-to-play regulations have the potential to present a number of complex … Continue Reading
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
In November 2015, the SEC announced that it had reached a settlement with Cherokee Investment Partners, LLC and Cherokee Advisers, LLC, in connection with improperly allocating managers’ regulatory expenses to three funds they managed. Through this and similar actions, the SEC has clearly indicated the managers may assign to the funds they manage only those … Continue Reading
On November 3, 2015, the Securities and Exchange Commission (SEC) announced that it had reached a settlement with Fenway Partners, LLC, a New York-based private equity firm, and several of the firm’s executives (the Respondents) in connection with a failure to disclose conflicts of interests to investors with respect to payments made by portfolio companies of … Continue Reading
