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A fund primarily engaged in investing or trading in securities must register under the Investment Company Act, unless it falls under an exception to the definition of investment company.

Distribution waterfalls are ubiquitous in the private investment world. They determine participation in cash flows or profits that is not in proportion to invested capital.

Chris Popov and Mike Heidler, partners at Vinson & Elkins, talk through a major opinion from the Texas Supreme Court, their role in the case, and what it means for investors in Texas companies.

Large partnerships are facing a sea change in tax enforcement.

Environmental, social, and governance (ESG) considerations are playing an increasingly important role in M&A transactions.

On February 9, 2022, the Securities and Exchange Commission (“SEC”) proposed new rules under the Investment Advisers Act of 1940 regarding the regulation of private funds.

The U.S. Government has long made clear its desire to restrict certain outbound U.S. investments, but it was unclear whether a restriction would come through executive or legislative action.

The Supreme Court seldom takes up issues around the federal securities laws. But in June, it handed down an important decision involving Section 11 of the Securities Act.

On June 23, 2023, the Texas Supreme Court issued a decision embracing the rule that an investor can engage in customary investment practices without becoming liable for torts committed by a portfolio company.

At long last, the U.S. Environmental Protection Agency (“EPA”) is poised to grant Louisiana authority to issue Class VI permits under the federal Safe Drinking Water Act’s (“SDWA”) Underground Injection Control (“UIC”) program for long-term carbon capture and sequestration (“CCS”).

Vinson & Elkins Partner and Shareholder Activism Co-Head Patrick Gadson joins Jill Malandrino on Nasdaq #TradeTalks to discuss “bumpitrage,” as well as how activists are increasingly attacking deals and how companies are responding.

Planning to raise a private equity fund with your partners? It may not be your first investment vehicle, but if your new fund is larger than what you’ve worked on in the past — say, $500 million — you may find yourself navigating unfamiliar territory when dealing with institutional investors. See below for answers to what will likely be…