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Consecutive Private and Public Offerings for Registered Funds  


Author:  Christopher D. Carlson.


Source: Volume 52, Number 21, December 1 2019 , pp.261-267(7)




Review of Securities & Commodities Regulation

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Abstract: 

For registered investment companies seeking to raise capital, the author suggests a little known approach: consecutive private and public offerings of shares. He discusses the legal framework for this approach, focusing on the SEC guidance on integration and 1940 Act-only registration requirements. He then turns to several historical examples of such offerings and closes with a discussion of some of their benefits.

Keywords: 1940 Act-Only Registration Requirements; Avoidance of Regulatory Net Worth and Seed Audit Requirements

Affiliations:  1: Seward & Kissel LLP.

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