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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Banking and Finance

Date & Time
  • event Date

    Wednesday, September 25, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE course will discuss the crucial structural considerations and legal complexities of forming, launching, and operating a private real estate fund. The program will review how recent regulatory developments impact fund managers and investors regarding fees and expenses, co-investments, and conflicts of interest. The program will provide an overview of tax issues impacting fund formation.

Faculty

Matthew Posthuma
Partner
Ropes & Gray

Mr. Posthuma is a partner in Ropes & Gray’s private investment funds group in Chicago who focuses on the formation of private investment funds and other transactions involving real estate companies, asset managers and financial institutions worldwide.

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Heather L. Preston
Partner
Akerman LLP

Ms. Preston focuses her practice on transactional and business tax matters. She has significant experience in tax matters associated with mergers and acquisitions, reorganizations, restructurings, investment fund formation, qualified opportunity funds, cross-border transactions, partnerships and joint ventures, and REITs. Ms. Preston also has significant experience in tax credit equity transactions for renewable energy projects and regularly advises clients in connection with the qualification for various renewable energy related credits. In addition, she advises clients and companies in connection with their equity incentive plans.

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Description

Private real estate funds continue to be a compelling alternative to public and private REITs for real estate investments. These funds often involve complex legal and tax issues arising from structuring and investing in U.S.-sponsored funds. Moreover, investors are becoming increasingly sophisticated with distinct tax profiles and are likely to negotiate terms that align interests between the investor and general partner/sponsor.

At the same time, the SEC and other authorities continue to scrutinize the private equity industry regarding fees and expenses, co-investments, conflicts of interest, and other concerns impacting private fund managers, driving new issues to the forefront of GP/LP negotiations. What do you need to know to negotiate this evolving and highly scrutinized landscape?

Listen as our authoritative panel discusses the critical structural considerations and legal complexities of forming, launching, and operating a private real estate fund. The panel will discuss the changing regulatory landscape of fund formation impacting fund managers and investors, such as fees and expenses, co-investments, and conflicts of interest. The panel will also provide an overview of current tax issues and related developments.

Outline

  1. Overview of the real estate private equity fund formation landscape
  2. Admission and withdrawal of investors
  3. Initial capital contributions and capital calls
  4. Allocation of profits and losses, clawbacks, return of capital
  5. Fees and expenses and related conflicts of interest
  6. Operational considerations
  7. Tax issues impacting real estate funds

Benefits

The panel will review these and other key issues:

  • Legal and tax considerations in forming, launching, and operating a private real estate fund
  • Private real estate funds vs. public and private REITs
  • Entity structures for real estate funds
  • Allocation of profits and losses, clawbacks, and return of capital
  • Fees, expenses, co-investments, and conflicts of interest