Baker Botts’ Alternative Investments Practice combines the traditional strengths of the firm with lawyers who have significant industry experience, including the former general counsel of a large hedge fund manager. Our practice represents institutional investors across a broad range of asset classes, investment managers in transactional and other matters, and alternative investment funds in a broad range of activities through their life cycle.
Manager Representation:
We have assisted hedge fund managers in a range of business ventures, such as the negotiation of seed capital arrangements; the restructuring of cross-border activities to achieve internal control and regulatory and tax efficiencies and the acquisition of new investment strategies through employment, business acquisitions and joint ventures. We advise private investment firms in the acquisition of interests in hedge fund managers and other advisory entities. We have also represented public companies and their boards of directors in connection with their consideration of proposed transactions for investment managers.
Our industry experience helps our clients navigate the various regulatory regimes applicable to participants in the investment management area, particularly the interplay of investment advisor and broker-dealer regulations.
Fund Representation:
We have helped launch a broad range of investment funds with investors within the United States and throughout the world. This practice has emphasized the creation of investment products, both private and public, as well as the establishment of more traditional private investment funds.
We advise clients in connection with the development of investment funds in atypical assets, including funds focusing on currencies, emerging or developing markets, the energy sector, carbon emission credits and offset projects, minerals and mining rights and investments related to timber, water and water rights. Our lawyers have advised fund sponsors of more traditional single-strategy hedge funds which have included global macro, fixed-income arbitrage, risk arbitrage and long-short equity strategies. Multi-strategy funds have included funds of funds, as well as single-manager multi-strategy funds.
Compliance and Enforcement Matters:
Baker Botts assists investment advisers, commodity pool operators and commodity trading advisors with the design and operation of their compliance and internal control programs. We represent these firms in routine regulatory audits, as well as in responding to regulatory assertions of deficiencies and formal or informal investigations. Our experience with trading and trade reporting issues has been helpful for the resolution of regulatory matters for investment banking, broker-dealer and individual clients.
Contested Matters:
We work closely with our Litigation Practice to advise investors, investment advisers and their professionals regarding actual or potential disputes and litigation involving hedge funds, private equity funds and their managers. In particular, we have significant experience representing liquidators of hedge funds. We believe our experience in the asset-management field provides insight and allows us to find creative and efficient solutions to potential problems. Our cross-disciplinary approach allows us to assess and navigate the complex issues that can arise during the liquidation process.
Commodities and Derivatives:
Our lawyers routinely deal with regulatory and other issues that arise in connection with investments in futures and commodity related investments. We also assist our clients regarding the structuring and documentation of derivatives transactions. Our lawyers have assisted in the establishment of prime brokerage and other trading relationships. A focus of our Practice is advising clients in connection with assessing and managing counterparty risk.
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News
Thought Leadership
SEC Issues Investment Adviser Risk Alert Regarding Common Ethics and MNPI Deficiencies
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SEC Proposes New Rules Targeting SPAC Disclosures
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SEC Proposes Rules Mandating Disclosure of Material Cybersecurity Incidents
Client UpdatesSEC Proposes Significant Changes to the Rules Governing Beneficial Ownership Reporting (Schedules 13D and 13G)
Client UpdatesSEC Update
SEC Proposes Amendments to Share Repurchase Disclosure Requirements
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SEC Proposes Significant Changes to 10b5-1 Trading Plans and Enhancements to Insider Equity Compensation Disclosure
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SPAC Update: SEC Chair Calls on Staff to Bolster Enforcement Measures
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SEC Staff Limits Companies' Ability to Exclude Shareholder Proposals from Company Proxy Statements and Reverses Prior Guidance
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NYSE Further Amends Related Party Transaction Approval Rules
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SPAC Update: Congress's Proposal to Eliminate Forward-Looking Statement Safe Harbor for SPACs
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Stimulus Package Provides Additional Relief to Businesses Including New Paycheck Protection Program (PPP); SBA Alters Original PPP Rules and Adds Rules For New PPP
Client UpdatesHouston Bankruptcy Court Determines (1) Make-Whole Claim is Not Disallowed by the Bankruptcy Code and (2) Solvent Debtor Exception Still Exists under the Bankruptcy Code
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PPP Loans in M&A Transactions: SBA Issues New Guidance Outlining the Required Procedures for a Change of Ownership of a PPP Borrower
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SEC Issues Guidance on SPAC Eligibility for Post-Combination Form S-3 Registration Statements
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SEC Adopts Amendments to Modernize Shareholder Proposal Rule
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SEC Updates Accredited Investor and QIB Definitions; Incrementally Expands Investors Who Can Invest in Private Offerings and Opens Door for Future Expansion
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NYSE Extends Its Temporary Waivers of Related-Party and 20% Equity Issuance Approval Requirements
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SEC Extends Conditional Filing Relief to Companies Affected by Coronavirus; Provides COVID-19 Disclosure Guidance
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SEC Provides Conditional Filing Relief to Companies Affected by Coronavirus
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