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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SEC Proposes Advisers Act Reforms Focusing on Private Fund Investor Protections

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

SEC Revises Marketing Rule for Registered Investment Advisers

By Anthony M. Drenzek, Robert E. Plaze, Michael Suppappola and Christopher Wells on February 9, 2021 Posted in Asset Management, Business Development Companies, Compliance, Hedge Funds, Private Equity, SEC

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

SEC Releases Risk Alert Identifying Common Private Equity and Hedge Fund Compliance Deficiencies

By Anthony M. Drenzek, Robert Leonard, Robert E. Plaze, Michael Suppappola and Samuel J. Waldon on July 1, 2020 Posted in Compliance, Hedge Funds, OCIE, Private Equity, SEC, Securities Law

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

Private Fund Advisers Must Pay Close Attention to Nuances under Pay-to-Play Restrictions in Light of Upcoming Elections Nationwide

By Robert Leonard, Michael Mavrides, Christopher Wells, Michael Suppappola and Anthony M. Drenzek on August 23, 2016 Posted in Compliance, FINRA, Hedge Funds, Private Equity, Private Equity Litigation, Regulation, SEC, Securities Law, Venture Capital

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

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 June 23, 2016 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

SEC Action Highlights Importance of Proper Expense Apportionment

By Timothy W. Mungovan, Michael Suppappola and Anthony M. Drenzek on January 4, 2016 Posted in Compliance, Disputes, Private Equity, Regulation, SEC

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

SEC Charges Private Equity Firm and Four Executives with Failing to Disclose Conflicts of Interest

By Timothy W. Mungovan, Michael Suppappola and Anthony M. Drenzek on November 5, 2015 Posted in Compliance, Disputes, Private Equity, Regulation, SEC

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

Proskauer on Private Fund Litigation

Michael Suppappola