Insights

SEC Staff Guidance Eases Sponsor Verification of “Accredited Investor” Status for Regulation D 506(c) Offerings

The SEC issued a No Action Letter (“Staff Guidance”), providing that a potential investor’s ample minimum investment, coupled with self-certification of “accredited investor” status under Regulation D, allows a private fund or other issuer seeking to rely on Rule 506(c) to conclude that it has taken “reasonable steps” to verify the potential investor is an accredited investor.

Choate Represents Sverica Capital Management in Continuation Fund for Stream Companies Holdings

Choate represented Sverica Capital Management LP, a private equity investment firm, in its successful closing of a continuation fund transaction for Stream Companies Holdings, LLC. Stream, made up of Stream Agency and fullthrottle.ai, is a leading provider of marketing software and services primarily serving U.S. automotive dealers and original equipment manufacturers.

Choate Private Equity Attorneys Speaking at YPOG PE Legal Conference in Berlin

Shaun Barnes, Kim Kaplan-Gross and Dan Riley will be speaking at the YPOG Private Equity (PE) Legal Conference in Berlin on June 5, 2024.

Vidia Equity Closes Oversubscribed €415M Climate Fund I

Choate represented Vidia Equity, a Munich-based investor in industrial decarbonization climate solutions, in the formation of its oversubscribed €415M Vidia Climate Fund I.

Choate Elects Four to Partnership

Four Choate attorneys – Shaun Barnes, John Marshall Chambers, Shaina Wamsley London, and Rick Thide - have been elected to partnership of the firm, effective January 1, 2024.

La Famiglia Joins Forces with General Catalyst

Choate is proud to have provided US counsel to La Famiglia, a seed-stage venture capital firm based in Berlin, in its combination with General Catalyst, a Cambridge, MA and Silicon Valley based venture capital firm.

SEC Adopts Significant New Requirements for Advisers to Private Funds

On August 23, 2023, the SEC adopted final regulations in a 658-page Adopting Release, significantly increasing the regulatory burden on advisers to private funds and impacting the scope and timing of private fund financial reporting.

Sverica Capital Management Closes $750M Fund VI

Choate represented Sverica Capital Management, a leading growth-oriented middle market private equity firm, in the formation of its sixth private equity fund.

SEC Proposes Significant New Regulations for Advisers to Private Investment Funds

On February 9, 2022, the Securities and Exchange Commission (“SEC”) published proposed regulations for investment advisers whose clients include private funds (the “Proposal”).